U.S. has overtaken Saudi Arabia to become the world’s biggest oil producer on jump in output from shale
The United States is now the world’s biggest supplier of oil overtaking the world number one, Saudi Arabia, according to latest output figures.
A surge in US oil output, which includes natural gas liquids and biofuels, has swelled 3.2 million barrels per day (bpd) since 2009.
The spike in oil production is the fastest expansion over a four-year period since Saudi Arabia’s output surge from 1970-1974, energy analysis firm PIRA said in a statement.
It was the latest milestone for the US oil sector caused by the shale revolution, which has upended global oil trade. While still the largest consumer of fuel, the rise of cheap crude available to domestic refiners has turned the United States into a significant exporter of gasoline and distillate fuels.
PIRA said the increase in oil from shale, which has been centered in areas such as Eagle Ford in Texas and the Bakken in North Dakota, has seen U.S. supply grow by 1 million bpd in 2012 and again 2013.