The US is on track to surpass Russia and Saudi Arabia in Oil Production combined by 2025.
The U.S. is on track to produce more crude oil and liquids than Russia and Saudi Arabia put together by 2025, consultancy firm Rystad Energy said Jan. 24.
U.S. liquids output is expected to surpass 24 million barrels per day (bbl/d) over the next six years, Rystad said, assuming average U.S. crude prices of $58 a barrel during the period.
The growth in U.S. liquids production will be driven by major shale basins such as the Permian Basin in parts of Texas and New Mexico, the report said.
“U.S. growth potential could be slowed if oil prices slide below our base case for extended periods but, as long as average prices stay above $50, positive U.S. production tendencies will persist,” Rystad analyst Artem Abramov said.
U.S. edged past Russia and OPEC-leader Saudi Arabia to become the largest crude oil producer last year, helped by a shale boom centered around the Permian Basin.