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    Oil production

    US Surpasses Russia, Saudi Arabia as World's No.1 Crude Oil Producer - EIA

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    WASHINGTON (Sputnik) - US crude oil output surpassed that of Russia in August and June for the first time in more than a decade, making the United States the world’s top oil producer ahead of both Russia and Saudi Arabia, the Energy Information Administration (EIA) announced in a press release on Wednesday.

    "In February, US crude oil production exceeded that of Saudi Arabia for the first time in more than two decades," the release stated. "In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.

    In addition, EIA projected that US crude oil production would continue to exceed that of Russia and Saudi Arabia for the remaining months of 2018 and through 2019, the release explained.

    The shift resulted from a rapid increase in US light sweet crude oil grades that began in 2011, the release explained.

    READ MORE: Saudi Arabia Makes Bid for Asian Crude Market Amid Iran Sanctions Fears — Report

    Much of the recent growth has occurred in areas such as the Permian region in western regions of the states of Texas and eastern New Mexico, the Gulf of Mexico and the Bakken region in the states of North Dakota and Montana, the release noted.

    Output for the world’s top three producers in August was between 10 and 11 million barrels daily, according to a graphic accompanying the release.

    READ MORE: Moody's: First Set of US Sanctions Will Have Limited Impact on Russian Economy

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    oil production, Russia, Saudi Arabia, United States
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