U.S. To Pass Saudi Arabia in Crude Oil Production in 2018

OAN Newsroom
UPDATED 9:57 AM PT — Fri. January 19, 2018

The U.S. is on track to become one of the world’s top two oil producing nations in 2018.

On Friday, the International Energy Agency said American crude oil production output is expected to be higher than Saudi Arabia’s this year.

U.S. oil production is also expected to be close to Russia’s, the world’s leading producer.

According to the agency, American oil production is at it’s highest in almost five decades and will surpass 10 million barrels a day.

FILE – In this file photo, workers tend to oil pump jacks behind a natural gas flare near Watford City, N.D. (AP photo/Eric Gay, File)

The agency specifically estimates the U.S. will produce an all time high of 10.4 million barrels of oil a day in 2018.

The global demand for oil this year is predicted to rise over a million barrels a day.

40 Comments on "U.S. To Pass Saudi Arabia in Crude Oil Production in 2018"

  1. frederick@dreamerchant.com | January 21, 2018 at 12:25 pm |

    The U.S. has always held the largest oil reserve in the world, but withheld oil production to save American involvement in Mid-East affairs as well as sustaining oil trade with Nigeria and Venzuela. Production and trade between countries are always political considaion.

  2. Osman Pasha | January 20, 2018 at 8:24 am |

    Carbon-14, made in the atmosphere, ingested into the food chain, and with a half-life of 6000 years, is found in crude oil. (So are wood chips.) So crude oil deposits are no older than 50,000 years old and likely much younger.

  3. Next step, bankrupt Russia by undercutting its oil export prices.

  4. Shmacks Adventure | January 20, 2018 at 2:32 am |

    They should start distributing the money amongst the US citizens like some of these middle eastern countries and Norway do. The resources like this should belong to all the people to share. Bring all our
    Military posts back from overseas. Stop defending countries we already defeated.

    • When the ‘people’ start risking their time and money in leasing and developing oil exploration, THEN they should share in the profits… Otherwise, you’re talking COMMUNISM, you dolt!!

      • Shmacks Adventure | February 2, 2018 at 4:55 am |

        Go start mining or exploring for oil. You couldn’t because of government regulations set by a government paid off by big oil. So unless they open this prospect to all people. Any natural resource should be shared amongst the people. Dolt!

    • Osman Pasha | January 20, 2018 at 8:31 am |

      Why should those who worked hard and took risks to locate and extract from new oil deposits have to share their wealth? It’s their property and they can do whatever they want with it.

    • Getting rid of taxes will be a good start.

    • Michael Sugas | January 27, 2018 at 11:04 am |

      Lowering the gas prices and taxes should be a start. And then all the oil we produce should stay here for our own use. we shouldn’t be selling it. Let everybody else get it from the Saudis. That’s just my opinion anyway.

  5. Is such oil production sustainable for US?

  6. The need for oil will drop in the decades ahead as solar and batteries go global. For now oil is king and will be for awhile. Don’t sell your stocks, yet.

  7. Thank you President Trump. More jobs for Amercans. Less dependence on foreign oil.

  8. build new refineries while Trump is president, do it now!

  9. So what about possibly asking for a bigger slice of the revenue pie from these energy companies? Royalties from the sale of oil (removed and never to be replaced) and small land lease fees don’t seem to be practical or fair anymore. We are over 20 trillion in debt and the only country in the world (don’t quote me) that doesn’t have some major stake in a national energy company (or all of them). Simply from a national security standpoint we should have a stronger position in at least one energy company right? I’m not saying we should nationalize the energy sector (that would be a disaster) but energy companies drilling for and selling oil from U.S. territory aren’t exactly broke… My two cents. What do you guys think? 🇺🇸

    • I think the oil is taxed to death as it is. The salaries that are paid to the workers that spend that money in the US, the corporate tax the oil company pays, etc. I think our government already gets a cut.

    • Apple has a higher percentage of profit per dollar than the big oil companies. The energy companies are producing to satisfy demand, a need, don’t make them the bag guys. Tax less and keep more of your own fruits of labor, because remember it’s not the governments money it’s yours. That goes for big oil.

      • Bad guys? Was simply pointing out the necessity of energy for our national defense needs and that we have zero control of it besides a tiny oil reserve. A major hurricane at the gulf cripples our economy every time due to lack of refineries elsewhere (oil companies have no incentive to build more). This current U.S. oil boom won’t last either. The Saudis flooded the world with oil back in 2014 that killed all competition in the U.S and will do it again. Here in Texas, thousands of oil jobs were gone overnight as the price of oil fell. Shouldn’t we have a small national stake in a energy company to prevent this from happening again? (not the job loss but national oil production loss). WW2 was won partly because we had access to the natural resources of the world while the Axis powers didnt. (We were forced to create a artificial rubber source because the Japanese controlled all of the natural rubber producing islands.) As for oil revenue, keeping the fruits of your labor are all well and good but, as you know, as a nation we are in serious financial trouble. Obviously there are many things that can be cut from our budget. However, it seems to me that oil companies paying a 12.5 percent royalty rate (that was rate established 95 years ago) seems to be a bit low compared to the actual price per barrel today. (I get taxes paid on labor, income, etc,… different topic). I’m just trying to think outside the box to help us get our financial house in order that’s all.

    • As they make more profits, they will pay more taxes. No more redistribution of wealth.

    • RonTherrien | January 19, 2018 at 6:58 pm |

      Liberals getting bigger slices of the pie, results in less pie for the rest of us.

    • I forget the details, but Sarah Palin worked a good deal for Alaska from the oil companies. It gave the state a budget surplus.

  10. SaidNO2Liberalism | January 19, 2018 at 11:33 am |

    As long as the earth’s core continue to burn, there will be endless flow of fossil fuel.

  11. While I applaud US production of oil, I prefer to use up all the oil in Venezuela and Middle East FIRST!!!!

    Whoever runs out first is dead!

    • Janet R Carlini | January 19, 2018 at 4:53 pm |

      Not gonna happen. Never gonna happen. Produce our own oil and cut them off.

    • Tango Uniform | January 19, 2018 at 11:31 pm |

      Venezuelan oil is nearly tar. There’s only one refinery on the Gulf coast that can crack it. I think it is still owned by Citgo.

  12. Once gain, it is shown how the USA should have been ahead of everyone else in the world.

  13. landy fincannon | January 19, 2018 at 10:51 am |

    All this oil and so few refineries. Bottlenecks are price controls.

  14. Marilyn Bloom | January 19, 2018 at 10:47 am |

    Another good reason to back away from Middle East politics. They literally have NOTHING to offer.

  15. Complete energy independence should be the goal, with a possible exception for Canadian oil. We also need to build efficient and safe refineries here.

    • Well, we could have achieved the same with Obama’s advice, right? Just have everyone properly inflate their tires, no more oil shortages.

  16. Good. Maybe the Saudis can go back to living in tents and driving camels.

Comments are closed.