United States overtakes Russia and Saudi Arabia to become the world’s largest oil producer after 45years
The United States has risen to the top the list of oil-producing countries for the first time in almost 45 years. The figures are based on preliminary estimates published by the US Energy Information Administration last week.
The US overtook Saudi Arabia for monthly crude oil production back in February and likely surpassed Russia some time in June or August, new data shows which comes after the development of fracking led to a boom in shale oil production while massively reducing drilling costs.
The agency said it expects the US to hold its position at the top of the chart for the remaining months of 2018 and throughout 2019. After languishing at less than 6million barrels of oil per month between 2000 and 2011, American oil production began rapidly increasing from 2012 onwards.