Move over, Saudi Arabia. America is about to steal the kingdom’s energy exporting crown.
Source: www.cnn.com
Driven by the shale oil boom, the U.S. could become the world’s largest exporter of oil and liquids later this year, surpassing Saudi Arabia, according to energy research firm Rystad Energy in a report released last Thursday. This would be a major achievement for the U.S. and reflect how drilling innovations have opened up huge swaths of oil and natural gas. Resources that had been previously trapped in shale oilfields in Texas and North Dakota, have helped the U.S. in significantly increasing its oil production over the past decade. According to Rystad, Saudi Arabia currently exports 7 million barrels of crude oil per day, along with 2 million barrels of natural gas liquids and petroleum products, while the U.S. exports 3 million barrels of crude oil per day along with 5 million barrels of natural gas liquids and petroleum products. Rystad expects the gap to vanish later this year, although Saudi Arabia would keep a comfortable lead as the world’s largest exporter of crude oil alone.
