Reports show the US could overtake Russian oil and gas production

Reports show the US could overtake Russian oil and gas production:

"A short story in the Wall Street Journal caused tremendous excitement in the community of analysts in Moscow last week. It was an embarrassing revelation. The edition quoted two sources: the International Energy Agency and the Energy Information Administration of DOE, reporting that the United States would overtake Russia in terms of oil and gas production this year.

In July the US was producing hydrocarbons at the daily rate of 22.2 million barrels of oil equivalent even as Russia was estimated to produce 21.8 million barrels.

During the first six months of this year, Russia’s oil production averaged 10.8 million bpd, just 900,000 bpd more than in the US, and the gap is closing rapidly (it was 3 million bpd a few years ago), and last year the US produced more natural gas than Russia for the first time since 1982. It took the US five years to cut down gas imports by 32% and oil imports by 15%, and two years ago the country became a net exporter of refined petroleum products (depressing performance of European refiners along the way). "

'via Blog this'