Total U.S. production of liquid fuels could equal or surpass Saudi Arabia as early as next year, but crude oil production will remain short of that in the Middle Eastern energy giant, said the chief of the U.S. Energy Information Administration.
Total U.S. production of liquid fuels could equal or surpass
Saudi
Arabia
as early as next year, but
crude oil production will remain short of that in the Middle Eastern energy
giant, said the chief of the U.S. Energy Information Administration.
U.S.
crude
oil production will hit an average of 8 million barrels a day by the end of
next year, the highest annual-average level of production since 1988 thanks to
the boom in shale oil, the EIA's administrator, Adam Sieminski, told Dow Jones
Newswires in an interview in
Riyadh
,
Saudi
Arabia
.
This is likely to remain short of crude oil production in
Saudi
Arabia
, but adding in other liquid fuels,
the
U.S.
could
gain the top spot, he said.
The
U.S.
also
produces around 2.5 million barrels a day of natural gas liquids, while
biofuels and volumes gains through refinery processing add another 2 million
barrels a day he said.
Saudi Arabia
has
around 10 million barrels per day of crude production and 1.5 million barrels
day of natural gas liquids, Mr. Sieminski said.
"If the
U.S.
gets
up to 8 million barrels a day of crude oil, and these other numbers stay in the
same range…that would make us equal to the current numbers in
Saudi
Arabia
," he said.
However, the kingdom could also boost its own production by ramping up spare
capacity or expanding infrastructure, he said.
The International Energy Agency estimates that
Saudi
Arabia
is currently capable of
producing up to 11.9 million barrels a day of crude oil, versus production in
December of just over 9 million barrels a day.
Despite these shifts, "the important thing is the continuing relationship
between the
U.S.
and
Saudi
Arabia
and trying to stabilize
global crude oil markets," Mr. Sieminski said.
U.S.
crude
output was 6.4 million barrels per day last year and will grow to above 7
million barrels per day this year, Mr. Sieminski said.
There is also strong potential for the development of shale oil and gas outside
North America
, he said. "I would say that the potential for
the Chinese development of tight gas before 2030 is very strong and the
possibility that we will see something happening in at least some of the
European countries...is very good," he said.
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