In a watershed moment for the United States, it has now surpassed Saudi Arabia as the world’s largest supplier of oil.
According
to PIRA, an energy analysis firm, the skyrocketing oil output over the
last four years is the most dizzying ascent since Saudi Arabia’s from
1970-1974. Since 2009, U.S. oil output has climbed 3.2 million barrels
per day (bpd). The total includes natural gas liquids and biofuels.
The trigger for the huge expansion is the shale revolution,
which has seen areas such as the Bakken in North Dakota and Eagle Ford
in Texas lead the way as U.S. supplies jumped 1 million bpd in 2012 and
repeated that jump in 2013.
Because of the huge jump in supplies, the U.S. is no longer the
number one importer of crude oil; that spot now belongs to China. PIRA
Energy Group noted, “The U.S. growth rate is greater than the sum of the
growth of the next nine fastest growing countries combined and has
covered most of the world's net demand growth over the past two years...
The U.S. position as the largest oil supplier in the world looks to be
secure for many years.”
In 2013, total liquids that are produced by the U.S.—comprised
of crude oil, condensate, biofuels, and natural gas liquids—are expected
to average 12.1 million bpd, ahead of Saudi Arabia. Even though Saudi
Arabia’s output grew last year, the growth in U.S. output was greater.
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