JRL NEWSWATCH: “U.S. overtakes Russia to become the world’s biggest oil producer” – bne Intellinews

Offshore Oil Rig file photo

“The U.S. overtook Russia to become the world’s biggest producer of oil in August …. Russia has been the biggest single producer of oil in terms of barrels produced a day for several years, but the shale oil revolution in the U.S. has seen production there skyrocket …. As average oil prices rose to over $65 in the first quarter and then to $75 in the second quarter more and more US shale producers, which have higher costs, have become economically viable again. Oil production in the U.S. in August rose to a record 11.346mn barrels per day (mnbd) against 11.21mn from Russia. … America’s lead may be short lived. Russia has been capping its production as part of the Opec+ deal …. Russia agreed to cut 300,000 barrels a day …. [However, i]n June the deal was revised and an extra 1mnbd was added to the previous limit that could allow Russia to expand production ….”

Click here for: “U.S. overtakes Russia to become the world’s biggest oil producer” – bne Intellinews

[featured image is file photo]