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The US Leads Global Petroleum and Natural Gas Production with Record Growth in 2018

Gasoil News - Published on Thu, 22 Aug 2019

Image Source: Forbes
US petroleum and natural gas production increased by 16% and by 12%, respectively, in 2018, and these totals combined established a new production record. The United States surpassed Russia in 2011 to become the world's largest producer of natural gas and surpassed Saudi Arabia in 2018 to become the world's largest producer of petroleum. Last year’s increase in the United States was one of the largest absolute petroleum and natural gas production increases from a single country in history.

For the United States and Russia, petroleum and natural gas production is almost evenly split; Saudi Arabia's production heavily favors petroleum. Petroleum production is composed of several types of liquid fuels, including crude oil and lease condensate, natural gas plant liquids, and bitumen. The United States produced 28.7 quadrillion British thermal units of petroleum in 2018, which was composed of 80% crude oil and condensate and 20% NGPLs.

US crude oil production increased by 17% in 2018, setting a new record of nearly 11.0 million barrels per day, equivalent to 22.8 quadrillion British thermal units in energy terms. Production in the Permian region of western Texas and eastern New Mexico contributed to most of the growth in US crude oil production. The United States also produced 4.3 million barrel per day of NGPLs in 2018, equivalent to 5.8 quadrillion Btu. US NGPL production has more than doubled since 2008, when the market for NGPLs began to expand.

US dry natural gas production increased by 12% in 2018 to 28.5 billion cubic feet per day, or 31.5 quadrillion Btu, reaching a new record high for the second year in a row. Ongoing growth in liquefied natural gas export capacity and the expanded ability to reach new markets have supported increases in US natural gas production.

Russia’s crude oil and natural gas production also reached record levels in 2018, encouraged by increasing global demand. Russia exports most of the crude oil that it produces to European countries and to China. Since 2016, nearly 60% of Russia’s crude oil exports have gone to European member countries in the Organization for Economic Cooperation and Development. Russia’s crude oil is also an important source of supply to China and neighbouring countries.

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Posted By : Sanju Moirangthem on Thu, 22 Aug 2019
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