Visit ArabTopics.com

US set to become BIGGEST oil producing nation

For decades, the common thought about the United States was that its glory days of being the number one producer of oil were long over. Indeed, the current narrative in the US about gas prices is usually based on the uptick or downtick of suppliers from the OPEC cartel.

Support The Duran – Browse our Shop >>

A report from the Bloomberg news service on July 11 indicated a surprising prediction: that the US is set to become the world’s largest oil producing nation once again:

The U.S. government sees oil production further climbing next year even amid transportation logjams in the country’s most prolific shale play.

The Energy Information Administration sees U.S. crude output averaging 11.8 million barrels a day in 2019, up from its 11.76 million barrel a day estimate in the June outlook.

“In 2019, EIA forecasts that the United States will average nearly 12 million barrels of crude oil production per day,” said Linda Capuano, Administrator of the EIA. “If the forecast holds, that would make the U.S. the world’s leading producer of crude.”

U.S. crude output has remained above the 10-million-barrel a day mark since February. That’s while Saudi Arabia told OPEC it pumped about 10.5 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter.

Concerns linger over the worsening bottleneck in the biggest U.S. shale region, the Permian Basin, and how that might affect domestic output in the second half of the year. Due to limited pipeline transportation in the region, production may start to slow in the area, according to Scott Sheffield, the chairman of Pioneer Natural Resources Co. “We will reach capacity in the next 3 to 4 months,” he said in June.

The EIA left its average domestic output forecast for this year unchanged at 10.79 million barrels a day, above the 1970 record of 9.6 million a day, according to the agency’s Short-Term Energy Outlook released on Tuesday. Its global crude production forecast for next year was raised to 102.54 million barrels a day from a previous forecast of 102.21 million a day. The agency’s world demand growth estimate for 2019 was lowered.


EIA revised forecast for US crude oil output into 2019.

This news has gotten international attention, since oil is such an extremely important commodity. China’s Xinhua news network also remarked on this prediction:

The Organization of the Petroleum Exporting Countries (OPEC) crude oil production averaged 31.9 million barrels per day in June.

Although the OPEC and non-OPEC participants agreed on November last year to extend the production cuts through the end of 2018 in order to reduce global oil inventories, tightening market conditions led the group to relax the production cuts starting this month.

EIA expected that OPEC crude oil output will decrease by less than 0.1 million barrels per day on average in 2019, which reflects crude oil production increases from some producers that mostly make up for expected declines of more than 1.0 million barrels per day in Iran and Venezuela combined.

Meanwhile, EIA forecasts that total U.S. crude oil and petroleum product net imports will fall from an annual average of 3.7 million barrels per day in 2017 to an average of 2.4 million barrels per day in 2018 and to an average of 1.6 million barrels per day in 2019, which would be the lowest level of net imports since 1958.

This prediction amounts to a greater than 50% reduction in oil imported to the US, and this also marks a major step towards the vaunted goal of American energy independence.

The post US set to become BIGGEST oil producing nation appeared first on The Duran.

Source: 
The Duran

Dear friends of this aggregator

  • Yes, I intentionally removed Newsbud from the aggregator on Mar 22.
  • Newsbud did not block the aggregator, although their editor blocked me on twitter after a comment I made to her
  • As far as I know, the only site that blocks this aggregator is Global Research. I have no idea why!!
  • Please stop recommending Newsbud and Global Research to be added to the aggregator.

Support this site

News Sources

Source Items
WWI Hidden History 50
Grayzone Project 24
Pass Blue 89
Dilyana Gaytandzhieva 14
John Pilger 411
The Real News 367
Scrutinised Minds 29
Need To Know News 1867
FEE 3543
Marine Le Pen 266
Francois Asselineau 25
Opassande 53
HAX on 5July 220
Henrik Alexandersson 619
Mohamed Omar 273
Professors Blog 10
Arg Blatte Talar 37
Angry Foreigner 17
Fritte Fritzson 11
Teologiska rummet 32
Filosofiska rummet 78
Vetenskapsradion Historia 129
Snedtänkt (Kalle Lind) 185
Les Crises 2080
Richard Falk 123
Ian Sinclair 82
SpinWatch 52
Counter Currents 6911
Kafila 379
Gail Malone 34
Transnational Foundation 221
Rick Falkvinge 93
The Duran 7035
Vanessa Beeley 93
Nina Kouprianova 9
MintPress 5027
Paul Craig Roberts 1264
News Junkie Post 49
Nomi Prins 25
Kurt Nimmo 191
Strategic Culture 3802
Sir Ken Robinson 16
Stephan Kinsella 68
Liberty Blitzkrieg 808
Sami Bedouin 61
Consortium News 2215
21 Century Wire 3047
Burning Blogger 292
Stephen Gowans 67
David D. Friedman 138
Anarchist Standard 16
The BRICS Post 1477
Tom Dispatch 433
Levant Report 17
The Saker 3613
The Barnes Review 484
John Friend 376
Psyche Truth 146
Jonathan Cook 135
New Eastern Outlook 3291
School Sucks Project 1743
Giza Death Star 1631
Andrew Gavin Marshall 15
Red Ice Radio 577
GMWatch 1922
Robert Faurisson 149
Espionage History Archive 34
Jay's Analysis 788
Le 4ème singe 88
Jacob Cohen 200
Agora Vox 11859
Cercle Des Volontaires 418
Panamza 1755
Fairewinds 105
Project Censored 736
Spy Culture 404
Conspiracy Archive 67
Crystal Clark 11
Timothy Kelly 503
PINAC 1482
The Conscious Resistance 618
Independent Science News 68
The Anti Media 5765
Positive News 820
Brandon Martinez 30
Steven Chovanec 61
Lionel 271
The Mind renewed 215
Natural Society 2515
Yanis Varoufakis 842
Tragedy & Hope 122
Dr. Tim Ball 65
Web of Debt 130
Porkins Policy Review 363
Conspiracy Watch 174
Eva Bartlett 565
Libyan War Truth 282
DeadLine Live 1905
Kevin Ryan 61
BSNEWS 1988
Aaron Franz 197
Traces of Reality 166
Revelations Radio News 121
Dr. Bruce Levine 120
Peter B Collins 1380
Faux Capitalism 205
Dissident Voice 9754
Climate Audit 221
Donna Laframboise 372
Judith Curry 1069
Geneva Business Insider 40
Media Monarchy 2069
Syria Report 74
Human Rights Investigation 90
Intifada (Voice of Palestine) 1685
Down With Tyranny 10459
Laura Wells Solutions 28
Video Rebel's Blog 414
Revisionist Review 485
Aletho News 18324
ضد العولمة 27
Penny for your thoughts 2726
Northerntruthseeker 2109
كساريات 37
Color Revolutions and Geopolitics 27
Stop Nato 4635
AntiWar.com Blog 2762
AntiWar.com Original Content 6280
Corbett Report 2130
Stop Imperialism 491
Land Destroyer 1121
Webster Tarpley Website 980

Compiled Feeds

Public Lists

Title Visibility
Funny Public