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January 25, 2019 Comments Off on U.S. Set to Eclipse “Two Closest Rivals” for Oil Production Views: 1180 Texas News, Top Texas

U.S. Set to Eclipse “Two Closest Rivals” for Oil Production

The future looks bright for the Lone Star State’s energy sector, judging by a new forecast. Global research firm Rystad Energy says the U.S. will produce more oil and liquids than Russia and Saudi Arabia combined by 2025.

“The United States, having regained its position as the world’s top liquids producer in 2014, is poised to accelerate into a league of its own over the next six years and eclipse the collective output of its two closest rivals by 2025,” said Rystad Energy partner Artem Abramov.

Historically, the U.S., Russia and Saudi Arabia have consistently switched places atop the global list of liquid producers. But lately, says Rystad, market-driven U.S. oil activity and production has generated significant momentum.

The firm says that growth in U.S. liquids production will be driven by major shale basins such as the Permian in parts of Texas and New Mexico.

Read more at Rystad

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