The United States energy sector continued to smash expectations under President Trump in 2018, with new reports claiming the USA is now likely the world’s largest exporter of crude oil.
According to data released by the United States Energy Information Administration, US crude oil exports topped Saudi Arabia and Russia in August, reaching a whopping 10.9 million barrels per day.
“In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999,” writes the report.
“Although EIA does not publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that U.S. crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019,” adds Climate Depot.
Read the full report here.
AMERICA FIRST: US to Become World’s TOP OIL Exporter Next Year
Energy industry insiders announced Friday that the United States is poised to become the world’ largest oil exporter; surpassing Saudi Arabia for the first time as early as next year.
According to Citigroup, the US currently produces approximately 8.3 million barrels of crude and refined oil per day compared with Saudi Arabia’s 9.3 million barrels.
Expanding American business and energy operations throughout the country are expected to boost those figures within months.
“Saudi Arabia has also trimmed its oil production more than 100 percent of the output cuts it agreed to under the January 2017 production deal. In March, Saudi crude production was at 9.91 million bpd, below the deal’s output target of 10.058 million bpd,” writes OilPrice.
The new projections fulfill a major campaign promise from President Donald Trump, who vowed to open new areas and unleash energy sector businesses to help make the United States energy independent.
AMERICA UNLEASHED: US Oil Refineries SMASH OUTPUT RECORDS in July
The US oil industry continued to roar to life under President Trump and the GOP-controlled Congress in July; smashing records and beating estimates as the nation inches towards becoming the world’s largest producer of the fossil fuel.
According to the Daily Caller, the US oil industry produced over 18 million barrels of oil per day in July, beating previous records as the nation’s demand for the natural resource spiked during the busy summer months.
“Refineries along the Gulf Coast processed a record-breaking 9.5 million barrels per day during that period, and Midwestern plants processed a near-record amount of crude oil,” writes the DC.
“Refiners nearly broke the 18-million-barrel record in August 2017, but Hurricane Harvey forced some facilities to shut down as it hammered the Gulf Coast. Harvey shut-in around 3.2 million barrels a day in refining capacity, causing gas prices to rise,” adds the author.
Read the full report at the Daily Caller.