U.S’ fast rising oil and gas production is predicted to soon to allow the world power nation surpass the oil kings, Saudi Arabia, in petroleum exports.
Saudi Arabia remains the top crude oil exporter. Meanwhile, the U.S. is determined to usurp the position by late 2019 when it comes to overall liquid petroleum exports, including fuels and some natural gas liquids, according to a new report from the Norwegian research firm Rystad Energy.
A senior partner of the firm, Per Magnus Nysveen said, “increasingly profitable shale production and a robust global appetite for light oil and gasoline is poised to bring the U.S. to a position of oil dominance in the next few years”.
It is reported by the U.S. Energy department that the country is producing a record high of more than 12 million barrels of crude oil a day, including about 5 million barrels daily from Texas alone. The U.S. is also exporting more than 8 million barrels of petroleum liquids per day, including about 3 million barrels of commercial crude oil. The other petroleum liquids include gasoline, jet fuel, natural gas liquids like propane, other oils and distillate fuel oil, which is used to make diesel and heating oils.
This compares to Saudi Arabia exporting 9 million barrels of liquid petroleum products a day, including 7 million barrels of commercial crude.
Nysveen made it clear that “the political and economic impact of this shift in global trade has already been dramatic and will be even more pivotal within the next five years”.
He continued that the fast rise of America’s oil and gas exports is going to result in the U.S. trade deficit evaporating soon and its foreign debt being paid quickly.
According to Chron, U.S. crude production should exceed 13 million barrels a day by the end of the year, including about 4 million barrels of crude exports daily.