US sees itself out-producing Russia, Saudi Arabia in oil and gas

Posted By: Religare
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The world's biggest economy has seen a dramatic surge in its oil and gas production in the past few years, said a US official adding that the nation could out-produce the world's biggest oil and gas producers including Russia and Saudi Arabia.

Daniel Sullivan, commissioner in Alaska's department of natural resources, said that the production of conventional and unconventional oil touched 6 million barrels a day during the last quarter—the highest in the last 15 years.

Sullivan also said that US has registered the largest increase in oil production of any country outside of OPEC-- an intergovernmental organization of 12 oil-producing countries—and added 1.6 million barrels of additional oil since 2008.

Compared to that, the daily output of Saudi Arabia, the largest producer of the OPEC nations, stood at 9.923 million barrels a day in March while Russia's output stayed at 9.920 million barrels a day during the same period.

Sullivan also pointed that a consultancy firm had estimated that by 2020, "the US could be the largest hydrocarbon producer — that's oil and gas — in the world, overtaking Russia and Saudi Arabia".

Read more about: oil
Story first published: Thursday, June 14, 2012, 13:31 [IST]
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