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Wednesday, 14 September 2016
Saudi Arabia Ousts U.S. as Biggest Oil Producer, IEA Says - Bloomberg
Saudi Arabia Ousts U.S. as Biggest Oil Producer, IEA Says - Bloomberg:
"Saudi Arabia has retaken the position of the world’s top oil producer from the U.S., according to the International Energy Agency.
“Saudi Arabia’s elevated oil production has allowed it to overtake the U.S. and become the world’s largest oil producer,” the Paris-based IEA said in its monthly report on Tuesday.
While Saudi Arabia added 400,000 barrels a day of output from low-cost fields since May, about 460,000 barrels a day of “high-cost” production was shut down in the U.S. America has been the world’s largest producer of crude and other liquid hydrocarbons since April 2014 following the shale oil boom."
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"Saudi Arabia has retaken the position of the world’s top oil producer from the U.S., according to the International Energy Agency.
“Saudi Arabia’s elevated oil production has allowed it to overtake the U.S. and become the world’s largest oil producer,” the Paris-based IEA said in its monthly report on Tuesday.
While Saudi Arabia added 400,000 barrels a day of output from low-cost fields since May, about 460,000 barrels a day of “high-cost” production was shut down in the U.S. America has been the world’s largest producer of crude and other liquid hydrocarbons since April 2014 following the shale oil boom."
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