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US liquefied petroleum output has reached 11.5mn barrels per day and is estimated to rise further in October overhauling Saudi Arabia for the first time since 1991.Â
Data from the International Energy Agency points to the prospects pf Saudi Arabia’s current production of 11.6 million barrels to be outpaced by US shale boom in the next month.
Between January and March 2014, Saudi Arabia exported an average of 1.5 million barrels per day to the US. Saudi Arabia is the second largest petroleum exporter to the US but as domestic production increased, imports from abroad are expected to drop.
The shale oil boom in the US began in 2008 and has increased US crude output by 60 percent. In 2012, the United States became a net exporter of liquefied petroleum gases for the first time.
Saudi Arabia is currently the largest exporter of petroleum liquids in the world and is home to the world’s largest proven crude oil reserves holding 16% of the world’s total.
The US is still third with Russia being the leading coutnry in terms of crude oil production with just over 10mn barrels per day. Saudi Arabia comes in second with 9.7mn barrels per day. The IEA says the US could catch up with Saudi Arabia and Russia in crude production by the end of the decade, but still hasn’t broken the 9mn barrel per day benchmark.
