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U.S. crude oil production has increased by 3.3 million barrels per day since the end of 2016, an increase of almost 40 percent in less than three years due mainly to hydraulic fracturing and horizontal drilling. That U.S. oil increase supplied almost the entire increase in global oil demand over that period.
Further, the Permian Basin in Texas, where 35 percent of U.S. oil is produced, will be able to increase its oil production by about one million barrels a day when new pipelines begin moving its crude in the next several months. That basin alone could supply enough crude to meet all of next year’s global demand growth. Add to this the fact that the Bakken field in North Dakota produced a record of 1.44 million barrels of oil a day in July and one can see that it is no wonder that the United States is the largest producer of oil in the world.
BP - Statistical - Review - Word - Energy
According to BP’s Statistical Review of Word Energy, in 2018, the United States produced 16 percent of the world’s oil (including natural gas liquids), compared with Saudi Arabia’s 13 percent, Russia’s 12 percent, and Canada’s 5 percent. In fact, the United States produced more oil than it imported last year.
Note: In this graph, EIA includes crude oil, natural gas liquids, renewable fuels and oxygenates (e.g. ethanol), and refinery processing gain.
Surge - US - Oil - Production - US
The surge in U.S. oil production resulted in U.S. exports of crude oil and refined petroleum products to increase and imports to decline. The United States imported 60 percent of the oil it consumed in the mid-2000s compared to just 6 percent today, on a net basis. Crude-oil imports from Saudi Arabia decreased by about 60 percent”îto about 600,000 barrels a day this year, from about 1.5 million barrels a day in 2008.
The United States also ranked...
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