(MENAFN) US became the biggest oil producer in the world this year as extraction of oil shale rocks increased, Bank of America said, according to Saudi Gazette
US oil production, along with liquids separated from natural gas, surpassed the production of both Saudi Arabia and Russia this year with a daily output exceeding 11 million barrels in the first half of this year. This output is expected to grow to a peak of 13.1 million barrels a day in 2019 and will remain at the same level for at least a decade
This output is expected to increase to a peak of 13.1 million barrels a day in 2019 and will remain at the same level for at least a decade.
"The US increase in supply is a very meaningful chunk of oil," Francisco Blanch, the bank's head of commodities research, said on the phone from New York. "The shale boom is playing a key role in the US recovery. If the US didn't have this energy supply, prices at the pump would be completely unaffordable"