• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours How Far Have We Really Gotten With Alternative Energy
  • 19 hours Bad news for e-cars keeps coming
  • 9 days For those of you who are full of __it.
Is OPEC Too Bullish On China's Oil Demand?

Is OPEC Too Bullish On China's Oil Demand?

China's oil demand growth is…

Oil, Gas Drilling Activity Slips in the U.S.

Oil, Gas Drilling Activity Slips in the U.S.

The total number of active…

Global Oil Market on Edge Ahead of OPEC+ Meeting

Global Oil Market on Edge Ahead of OPEC+ Meeting

The global oil market awaits…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

How Fracking Helped the U.S. Become the World’s Top Oil Producer

  • Over the last decade, the US has become the top producer of crude oil globally, thanks in part to hydraulic fracturing in shale formations.
  • The US overtook Saudi Arabia and Russia in oil production in 2018, accounting for 14.7% of global crude oil production in 2022.
  • Despite leading in production, the US still trails in remaining proven reserves underground, ranking seventh globally behind countries like Venezuela and Saudi Arabia.
Fracking

Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia.

This infographic, via Visual Capitalist's Omri Wallach, illustrates the rise of the U.S. as the biggest oil producer, based on data from the U.S. Energy Information Administration (EIA).

U.S. Takes Lead in 2018

Over the last three decades, the United States, Saudi Arabia, and Russia have alternated as the top crude producers, but always by small margins.

During the 1990s, Saudi Arabia dominated crude production, taking advantage of its extensive oil reserves. The petroleum sector accounts for roughly 42% of the country’s GDP, 87% of its budget revenues, and 90% of export earnings.

However, during the 2000s, Russia surpassed Saudi Arabia in production during some years, following strategic investments in expanding its oil infrastructure. The majority of Russia’s oil goes to OECD Europe (60%), with around 20% going to China.

Crude Oil Production

United States

Saudi Arabia

Russia

1992

11.93%

13.97%

12.74%

1993

11.50%

13.68%

11.35%

1994

10.96%

13.32%

10.50%

1995

10.60%

13.17%

9.96%

1996

10.21%

12.87%

9.49%

1997

9.84%

12.73%

9.29%

1998

9.39%

12.58%

9.05%

1999

9.06%

11.99%

9.33%

2000

8.67%

12.33%

9.64%

2001

8.65%

11.89%

10.45%

2002

8.63%

11.49%

11.53%

2003

8.05%

12.92%

12.10%

2004

7.46%

12.74%

12.67%

2005

7.00%

13.21%

12.82%

2006

6.85%

13.00%

12.90%

2007

6.84%

12.38%

13.29%

2008

6.71%

12.44%

12.56%

2009

7.32%

11.28%

12.98%

2010

7.37%

11.31%

13.03%

2011

7.55%

12.81%

13.02%

2012

8.50%

13.04%

12.94%

2013

9.76%

12.86%

13.10%

2014

11.18%

12.60%

12.86%

2015

11.67%

ADVERTISEMENT

12.77%

12.66%

2016

10.92%

13.12%

13.02%

2017

11.53%

12.68%

13.05%

2018

13.21%

12.77%

12.96%

2019

14.90%

12.15%

13.20%

2020

14.87%

12.37%

12.97%

2021

14.59%

12.06%

13.10%

2022

14.73%

13.17%

12.76%

 

 

 

 

 

 

 

 

 

 

 

 

Over the 2010s, the U.S. witnessed an increase in domestic production, much of it attributable to hydraulic fracturing, or “fracking,” in the shale formations ranging from Texas to North Dakota. It became the world’s largest oil producer in 2018, outproducing Russia and Saudi Arabia.

The U.S. accounted for 14.7% of crude oil production worldwide in 2022, compared to 13.1% for Saudi Arabia and 12.7% for Russia.

Despite leading petroleum production, the U.S. still trails seven countries in remaining proven reserves underground, with 55,251 million barrels.

Venezuela has the biggest reserves with 303,221 million barrels. Saudi Arabia, with 267,192 million barrels, occupies the second spot, while Russia is seventh with 80,000 million barrels.

By Zerohedge.com 

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News