US will strengthen its leadership & # 39; as the world's largest producer of crude oil in 2019

US will find Russia and Saudi Arabia to strengthen its leadership & # 39; as the world's largest producer of crude oil in 2019

  • The US would soon overtake Saudi Arabia or Russia in the production of crude oil
  • The American crude oil is ready this year to expand by 1.1 million barrels per day
  • Saudi Arabia could increase production to its maximum capacity of 12 million barrels, more than the US 11.8 million barrels per day

Leah Mcdonald for Dailymail.com

The US could soon take over Saudi Arabia in the production of crude oil that currently has peak capacity.

The US is on its way to produce more rough than Russia or Saudi Arabia, which until recently rivaled the best place.

Currently, Saudi Arabia can increase production to its maximum capacity of 12 million barrels per day.

Workers wrestle with pipe on a True Company oil drilling platform outside of Watford, North Dakota,

Workers wrestle with pipe on a True Company oil drilling platform outside of Watford, North Dakota,

The Kingdom surpasses the 11.9 million barrels per day produced by the US in December, according to the International Energy Agency.

The American crude oil will grow by 1.1 million barrels a day this year, according to the IEA, that the US will exceed the Saudi's maximum level in the next six months.

"By the middle of the year, US crude oil will probably exceed the capacity of Saudi Arabia or Russia," said the Paris-based agency in a report on Friday.

However, this extra size will probably not lead to a greater impact on prices.

Because only the Saudi's remain willing to stop the production capacity when there is too much oil on the market, the kingdom retains its unique position as the so-called swing producer.

The IEA has the growing influence & # 39; cited of the US on the global oil markets, such a dramatic increase in crude production could quickly challenge the market share of OPEC Kingpin Saudi Arabia.

A jackdaw (pictured) works above an oil well in the Bakken formation outside of Williston, North Dakota

A jackdaw (pictured) works above an oil well in the Bakken formation outside of Williston, North Dakota

A jackdaw (pictured) works above an oil well in the Bakken formation outside of Williston, North Dakota

American crude oil has risen sharply in recent months, with more than 2 million barrels per day (bpd) to 11.9 million barrels per day.

The IEA said global oil supply fell by 950,000 bpd last month, about 1 percent, under the influence of lower OPEC output, even before the new supply-cutting pact of the organization came into effect in January.

The group said that the impact of higher oil prices in 2018 & # 39; fades & # 39 ;, which should help to offset the cooling economic growth in the coming months.

On Thursday, a report from the OPEC showed that its production fell sharply last month, as a result of which fears of the energy market fell for a longer period of oversupply.

Oil supplies from OPEC countries dropped by 751,000 barrels per day to nearly 31.6 million barrels per day, according to independent figures that OPEC mentioned in its monthly report.

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