Trumping The World: US Predicted to Drill More Oil Than Saudi Arabia and Russia Combined by 2025!

From Gateway Pundit:

Back in September, the US reportedly became the world’s largest producer of oil. 

The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). 

In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999. 

Although EIA does not publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that U.S. crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019. 

U.S. crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011. 

Much of the recent growth has occurred in areas such as the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana. Oil and Gas Investor.com released their numbers a week ago and oil is king in the US – Learn more about RevenueStripe... 

The U.S. is on track to produce more crude oil and liquids than Russia and Saudi Arabia put together by 2025, consultancy firm Rystad Energy said Jan. 24. 

U.S. liquids output is expected to surpass 24 million barrels per day (bbl/d) over the next six years, Rystad said, assuming average U.S. crude prices of $58 a barrel during the period. 

The growth in U.S. liquids production will be driven by major shale basins such as the Permian Basin in parts of Texas and New Mexico, the report said. 

“U.S. growth potential could be slowed if oil prices slide below our base case for extended periods but, as long as average prices stay above $50, positive U.S. production tendencies will persist,” Rystad analyst Artem Abramov said. 

U.S. edged past Russia and OPEC-leader Saudi Arabia to become the largest crude oil producer last year, helped by a shale boom centered around the Permian Basin.