- The US is now history’s largest oil producer, according to S&P Global Commodities Insight.
- Crude and condensate production hit a new global record this quarter.
- “When you look back on 2008 — when US production was at a 62-year low, and exports were zero — it is a remarkable turnaround.”
The US is now history’s biggest oil producer as output continues to surge to all-time levels, according to S&P Global Commodity Insights.
Output of crude and condensate hit a new global record this quarter of 13.3 million barrels per day. That’s part of a record 21.4 million barrels per day for total US liquids production.
“Not only is the United States producing more oil than any country in history, but the amount of oil (crude oil, refined products and natural gas liquids) that it is exporting is near the total production of Saudi Arabia or Russia.” Jim Burkhard, vice president and head of research for oil market, energy and mobility, said in the report on Tuesday. “When you look back on 2008 — when US production was at a 62-year low, and exports were zero — it is a remarkable turnaround.”