America’s energy industry continued to expand under President Trump heading into the New Year, with new estimates showing US crude output is on track to exceed Saudi Arabia “at their peak.”
“America’s journey to preeminence in the global oil trade is about to hit another milestone,” writes Bloomberg. “Propelled by the shale-oil boom, the U.S. is already producing more crude than either Russia or Saudi Arabia, who until recently vied for the top spot. By mid-year America will go one better.”
“American crude output is poised to expand by 1.1 million barrels a day this year, according to the IEA, which sees the U.S. exceeding the Saudis’ maximum level within the next six months,” adds the report.
The US became the world’s largest exporter of oil towards the end of 2018 after the Trump administration eased restrictions and allowed more off-shore drilling opportunities for American businesses.
Read the full report at Bloomberg.