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Terminal News

US becomes world’s largest crude oil producer

US becomes world’s largest crude oil producer
The US has surpassed Russia and Saudi Arabia to become the world's largest crude oil producer earlier in 2018.

Based on preliminary estimates in the Energy Information Administration's Short-Term Energy Outlook, in February, US crude oil production exceeded that of Saudi Arabia for the first time in more than 20 years.

In June and August, the US surpassed Russia in crude oil production for the first time since February 1999.

EIA expects that US crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019.

US crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011, with much of the growth concentrated in the Permian region in western Texas and eastern New Mexico.



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