American Oil Output Catching up with Saudi Arabia
Posted: 09/30/2014 02:09:11 Edited: 09/30/2014 03:09:11 Clicks: 2227
Data published by IEA show that the daily output of oil and its related liquid (such as ethane and propane) in the U.S. in June and August were equal to those in Saudi Arabia. For American output continuing increasing, its oil output will exceed Saudi Arabia in this month or the next month. The report points out that American flourishing oil production has already begun to modify global energy structure.
In fact, American output of oil and related liquid (such as ethane and propane) in June and August had reached 11.5 million barrels per day. The U.S. are exceeding Saudi Arabia and becoming the largest global oil producer. It is the first time since 1991.
Saudi government stresses that the increasing American influence on oil market cannot impacts the position of Saudi Arabia. It states that Saudi Arabia has ability to increase daily output to 2.5 million barrels, if supply needs to be increased to meet the demands.
However, Saudi officials confirm that the U.S. rises and becomes the largest global oil producer, playing a key role in stabilizing market. In the past two years, situations in Syria and Iraq were chaotic, Libya caught in chaos caused by war and conflicts occurred between Russia and Ukraine. Global oil price still show its general trend of falling.
In the early of this month, American daily oil output reached 8.87 billion barrels, increasing enormously, compared with 5 million barrels in 2008. It is predicted that American daily oil output will break through 90 million barrels by the end of this year. In August, American daily oil output was till less than 9.7 million barrels in Saudi Arabia and 10.1 million barrels in Russia. The leading position of American total oil output should be owed to its high output of ethane, propane and other gas liquid products. Gas liquid products have low energy. For that, they are generally used as raw materials in petrochemical industry, instead of fuel.
In fact, American output of oil and related liquid (such as ethane and propane) in June and August had reached 11.5 million barrels per day. The U.S. are exceeding Saudi Arabia and becoming the largest global oil producer. It is the first time since 1991.
Saudi government stresses that the increasing American influence on oil market cannot impacts the position of Saudi Arabia. It states that Saudi Arabia has ability to increase daily output to 2.5 million barrels, if supply needs to be increased to meet the demands.
However, Saudi officials confirm that the U.S. rises and becomes the largest global oil producer, playing a key role in stabilizing market. In the past two years, situations in Syria and Iraq were chaotic, Libya caught in chaos caused by war and conflicts occurred between Russia and Ukraine. Global oil price still show its general trend of falling.
In the early of this month, American daily oil output reached 8.87 billion barrels, increasing enormously, compared with 5 million barrels in 2008. It is predicted that American daily oil output will break through 90 million barrels by the end of this year. In August, American daily oil output was till less than 9.7 million barrels in Saudi Arabia and 10.1 million barrels in Russia. The leading position of American total oil output should be owed to its high output of ethane, propane and other gas liquid products. Gas liquid products have low energy. For that, they are generally used as raw materials in petrochemical industry, instead of fuel.
