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US production expected to overtake Saudis this year
The US exited 2019 with crude oil production of 11.8 MMbo/d in December, producing more crude than either Saudi Arabia or Russia courtesy of the American shale revolution. According to the International Energy Agency, US crude production will grow by 1.1 MMbo/d this year. If Saudi Arabia, which produced an average 10.3 MMbo/d last year, raised its production to its peak capacity of 12 MMbo/d, it still wouldn’t surpass the US, the IEA said. The growth of US output......
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