Demand might be down ....but US production is unreal....good read
Oil and Gas Boom Could Make U.S. the World's Biggest Producer
'Some of the numbers are eye-popping,' Daniel Sullivan, commissioner in Alaska's Department of Natural Resources, told a panel of experts at the International Economic Forum of the Americas in Montreal.
By . Agence France-Presse
June 13, 2012
The United States is seeing a dramatic surge in oil and gas production and could overtake the world's biggest producers -- Russia and Saudi Arabia -- in another decade, a U.S. official said Tuesday. "Some of the numbers are eye-popping," Daniel Sullivan, commissioner in Alaska's Department of Natural Resources, told a panel of experts at the International Economic Forum of the Americas in Montreal. In the last quarter, the United States produced 6 million barrels of conventional and unconventional oil a day, he said, adding: "We haven't done that in 15 years." Since 2008, the United States has added 1.6 million barrels of additional oil, and in 2011, it registered the largest increase in oil production of any country outside of OPEC, he told hundreds of participants. These figures compare with a daily output in March of about 9.923 million barrels a day by Saudi Arabia -- the largest producer of the OPEC nations -- and 9.920 million by Russia, according to the industry data compiler Joint Organizations Data Initiative. Sullivan said the respected consultancy PFC Energy estimates that by 2020, "the U.S. could be the largest hydrocarbon producer -- that's oil and gas -- in the world, overtaking Russia and Saudi Arabia."
http://www.industryweek.com/article...orlds_biggest_producer_27586.aspx?SectionID=3
Oil and Gas Boom Could Make U.S. the World's Biggest Producer
'Some of the numbers are eye-popping,' Daniel Sullivan, commissioner in Alaska's Department of Natural Resources, told a panel of experts at the International Economic Forum of the Americas in Montreal.
By . Agence France-Presse
June 13, 2012
The United States is seeing a dramatic surge in oil and gas production and could overtake the world's biggest producers -- Russia and Saudi Arabia -- in another decade, a U.S. official said Tuesday. "Some of the numbers are eye-popping," Daniel Sullivan, commissioner in Alaska's Department of Natural Resources, told a panel of experts at the International Economic Forum of the Americas in Montreal. In the last quarter, the United States produced 6 million barrels of conventional and unconventional oil a day, he said, adding: "We haven't done that in 15 years." Since 2008, the United States has added 1.6 million barrels of additional oil, and in 2011, it registered the largest increase in oil production of any country outside of OPEC, he told hundreds of participants. These figures compare with a daily output in March of about 9.923 million barrels a day by Saudi Arabia -- the largest producer of the OPEC nations -- and 9.920 million by Russia, according to the industry data compiler Joint Organizations Data Initiative. Sullivan said the respected consultancy PFC Energy estimates that by 2020, "the U.S. could be the largest hydrocarbon producer -- that's oil and gas -- in the world, overtaking Russia and Saudi Arabia."
http://www.industryweek.com/article...orlds_biggest_producer_27586.aspx?SectionID=3
