U.S. passes Russia – briefly – to become top oil producer

Spurred by the largest year-on-year output increase in its history, the U.S. surpassed Russia in August to become the world’s top oil producer, Bloomberg reports. U.S. output rose to a record 11.346 million barrels a day, while Russia pumped 11.21 million in August. U.S. supply surged by 2.1 million barrels from August 2017 to August 2018, as oil companies boosted shale drilling in Texas, Colorado and other states in response to a 48 percent increase in prices. However, Russia produced 11.37 million barrels a day in September and could surpass 11.4 million in October, so the U.S.’s reign as the world’s biggest oil producer may be short-lived.

 

Read original source.