Crude Oil & Fuels US Could Become Top Producer of Liquid Fuels
Drill baby, drill: With the US tapping its remaining crude reserves, the country could even surpass the Arabian oil giants, the US Energy Information Administration believes...
Plans to increase the output of the US' oilfields could both boost the US economy as well as affect the global oil prices, the US Energy Information Administration (EIA) states. In fact, the US could even become the number one producer of liquid fuels, the organisation believes.
Despite this perspective, the current number one, Saudi Arabia will continue to play a leading role in crude and fuels production as the only oil producer with significant spare production capacity. The country is therefore the major swing producer to balance volatiles on the global markets .Wether the US will really surpass the Saudi production is therefore subject to a number of hardly predictable factors like the development of the OPEC production in general (to which the Saudi output directly reacts to balance the market).
Currently, the EIA estimates the difference between US and Saudi production to be 0.6 million barrels per day, considerably smaller than the gap of 3.5 million bbl/d comparing only the crude oil production.