According to Energy Information Administration (EIA) data released on Wednesday, the U.S. crude production has hit a whopping 11.6 million bpd, thereby making the United States the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat.
That’s a threefold increase from the U.S. low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world’s biggest producer of crude.
Russia pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd.
The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.
US production has been a moderating factor of oil prices, although oil got a bump on Thursday after record Chinese crude imports eased concerns that a slowdown in the world’s No.2 economy could stoke an emerging fuel glut. However, oil markets were held back somewhat after the United States became the world’s top crude producer as its output hit record levels.
Front-month Brent crude oil futures were at $72.27 a barrel at 0800 GMT, up 21 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $61.95 per barrel, up 28 cents, or 0.4 percent, from their previous settlement. China’s October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September.
