• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 1 day "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 18 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 11 hours The Federal Reserve and Money...Aspects which are not widely known
  • 5 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 18 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 17 hours "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 8 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 9 days Goldman Betting on Cryptocurrencies
  • 12 days Сryptocurrency predictions
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Shale CEO: U.S. To Be The World’s Top Oil Producer By Fall

The United States is on track to become the world’s top oil producer as early as this fall, unseating the current no.1 Russia, according to Scott Sheffield, the chairman of one of the largest U.S. producers, Pioneer Natural Resources.

U.S. oil production will exceed 11 million bpd within the next three to four months, Sheffield told CNNMoney on Wednesday in Vienna, where OPEC is hosting an international conference attended by some U.S. shale producers, a couple of days before OPEC and its Russia-led allies meet to discuss how much oil production to bring back to the market to offset supply disruptions.

U.S. oil production could “very quickly” reach 13 million bpd, and hit 15 million bpd within seven or eight years, Sheffield said.

The manager told CNNMoney that he sees the sweet spot for oil prices at between $60 and $80 a barrel. Oil prices above $80 per barrel would really hurt consumers, especially U.S. drivers, Pioneer’s executive said.

U.S. oil production has already been topping that of OPEC’s largest producer and de facto leader, Saudi Arabia, for several months now. Last month, U.S. oil production averaged 10.7 million bpd, EIA estimates show, while Saudi Arabia’s oil production was just shy of 10 million bpd in May—at 9.987 million bpd, according to OPEC’s secondary sources in its Monthly Oil Market Report.

Oil production in Russia—currently the world’s no.1—is around 11 million bpd and could tick higher if OPEC and its Russia-led friends approve a boost in production.

In its latest Short-Term Energy Outlook (STEO) released last week, EIA projects that U.S. crude oil production will average 10.8 million bpd this year, up from 9.4 million bpd in 2017, and will average 11.8 million bpd in 2019.

Weekly U.S. production has been setting records every week over the past three-four months, with the latest available data to the week of June 8 showing a weekly production of 10.9 million bpd.

By Tsvetana Paraskova for Oilprice.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