UPDATED 1:53 PM PT — Wed. Sept. 12, 2018
A new report is claiming the U.S. may now be the world’s largest oil producer surpassing Russia and Saudi Arabia.
According to the Energy Information Administration — or EIA — U.S. oil output exceeded Russia in both July and August for the first time since 1999.
The EIA estimated that U.S. crude production has risen to 10.9 million barrels-per-day and could average at 11.5 million next year.
In response, Russia said it’s ready to boost output by 300,000 barrels-per-day in order to maintain its leadership in global oil production.
“We have not yet takem any decision on production growth, we have just spoken about the potential we have, and a spare capacity that is there, stated Russian Energy Minister Alexander Novak. “Our decisions and our actions are based on the assumption that we need to maintain market stability and we need to maintain the market balance — this implies no surplus, no deficit, and this is what we are targeting.”
Some experts have said U.S. exports could replace shipments from Iran as an oil embargo against the Islamic Republic takes effect in November.