• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 9 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 13 mins America's pandemic dead deserve accountability after Birx disclosure
  • 2 hours Putin blocks Ukraine access to Black Sea after Joe blinks
  • 7 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 43 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 days Fukushima
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 2 days Biden about to face first real test. Russia building up military on Ukraine border.
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

U.S. Is Now Largest Oil… And Gas Producer In The World

Petroleum and natural gas production in the United States jumped by 16 percent and 12 percent, respectively, in 2018, setting new production records and placing the United States as the world’s single largest producer of oil and natural gas, the Energy Information Administration (EIA) said on Tuesday.

The U.S. had already surpassed Russia as the world’s biggest natural gas producer back in 2011.

Last year, the United States beat Saudi Arabia to become the single largest petroleum producer, the EIA said, noting that “Last year’s increase in the United States was one of the largest absolute petroleum and natural gas production increases from a single country in history.”

While Saudi Arabia is bound by the OPEC+ production cut pact and has been curbing its oil production, eager to prop up prices, U.S. shale production has surged over the past two years, also supported by the higher oil prices that the OPEC deal has brought.

Crude oil production in the U.S. jumped by 17 percent in 2018, setting a new production record of almost 11.0 million bpd, with the Permian contributing to most of the production growth, the EIA said.  

This year, however, the U.S. shale production has been growing at a slower pace amid lower oil prices as companies scale back drilling plans and budgets as investors clamor for more returns.

U.S. shale producers need to slow down this production growth and focus more on capital discipline in what is an oversupplied market, Continental Resources’ Harold Hamm said last week.

In its latest Short-Term Energy Outlook (STEO) earlier this month, the EIA sees U.S. shale’s monthly production growth slowing at least until 2020, averaging 50,000 bpd a month from the fourth quarter of 2019 through the end of 2020, down from average growth of 110,000 bpd a month from August 2018 through July 2019. Despite the growth slowdown, the EIA still expects U.S. crude oil production to set record production levels in 2019 and 2020, at 12.3 million bpd and 13.3 million bpd, respectively.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • david Bennett on August 21 2019 said:
    The US, being the number 1 producer of oil and gas, is a steady reminder to operators lack of capital discipline, company bankruptcies, falling stock prices and razor thin positive ROI, if any. Being number 1 is a perfect example of how to shoot your self in the foot.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News