US retains top spot for petroleum, natural gas hydrocarbon production with record highs
Despite significant gains among competitors in Russia and Saudi Arabia, a recent report from the U.S. Energy Information Administration (EIA) found that the United States remains the top global figure for production of petroleum and natural gas hydrocarbons.
These results pertain to 2017, wherein the United States saw petroleum production increase by 745,000 barrels per day (b/d) and an increase of oil prices to $65 per barrel. Crude oil and lease condensate ended up accounting for 60 percent of total petroleum hydrocarbon production therein, while natural gas plant liquids made up an additional 24 percent. Saudi Arabia’s and Russia’s efforts accounted for most of the remaining share of the U.S. petroleum production.
This maintains a dynamic which has been in effect since 2009, when U.S. natural gas production surpassed Russia’s, and since 2013, when U.S. production of petroleum hydrocarbons finally exceeded the efforts of Saudi Arabia. U.S. production of petroleum and natural gas has increased by nearly 60 percent since 2008.
Russia and Saudi Arabia did make significant gains in 2017 as well, experiencing 8 percent and 6 percent growth, respectively, though their total liquids production fell over the course of the year. The EIA’s May Short-Term Energy Outlook (STEO) predicts that Russian liquid fuels production will average 11.2 million b/d over 2018 and 2019, matching their 2017 production level. They also expect OPEC nations as a whole — of which Saudi Arabia is a part — to drop about 0.1 million b/d this year while adding 0.2 million b/d in 2019.
U.S. predictions expect production to continue to increase, climbing 2 million b/d in 2018 to reach a total of 17.6 b/d and 19.1 b/d in 2019.
