US Set To Overtake Saudi Arabia In Liquid Petroleum Production
International Business Times
Published Sep 30, 2014 08:41AM ET
Updated Sep 30, 2014 09:00AM ET
US Set To Overtake Saudi Arabia In Liquid Petroleum Production
By Jerin Matthew - The US is set to become the world's largest producer of liquid petroleum soon, overtaking Saudi Arabia, as the shale boom in the country substantially increased its production volumes in recent years.
US production of liquid petroleum was 11.5 million barrels per day in August, compared to Saudi Arabia's 11.6 million barrels, according to August data from the International Energy Agency (IEA).
Given the rising output of oil and related liquids such as ethane and propane in the country, the US is set to overtake the Middle East country in September or November for the first time since 1991.
Crude oil production in the US is still lagging behind Saudi Arabia's 9.7 million barrels per day in August. Russia is No 1 with 10.1 million barrels per day in the month.
However, the country is expected to catch up with both Saudi Arabia and Russia on crudeproduction by the end of the decade. Hydraulic fracturing or fracking has been changing the world energy map. The US has been the first country to take advantage of the technology and start commercial production of shale gas and oil.
As a result, its production skyrocketed, and it currently accounts for more than 10% of total worldproduction. In 2012, the US became a net exporter of liquefied petroleum gases for the first time.
Saudi Arabia is currently the largest exporter of petroleum liquids in the world and is home to the world's largest proven crude oil reserves, representing 16% of the world's total.
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Written By: International Business Times
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