For the first time since Saudi Arabia began selling oil in 1950, the United States is set to overtake the kingdom as the world’s largest energy exporter, according to a new report.
“Increasingly profitable shale production and a robust global appetite for light oil and gasoline are poised to bring the US to a position of oil dominance in the next few years,” Per Magnus Nysveen, a senior partner at independent energy research firm Rystad Energy, was quoted as saying in a press statement.
Rystad Energy estimated that Saudi Arabia exports around seven million barrels of oil per day, along with two million barrels of natural gas liquids and additional petroleum products.
The US currently exports around three million barrels on a daily basis, with another five million barrels per day of natural gas liquids and other petroleum products. Rystad Energy forecasts that the US will continue to grow at a fast pace and will overtake Saudi Arabia later this year.
This figure is likely to decrease as Saudi energy minister Khalid Al Falih said last month that production in March would fall to 9.8 million barrels per day, with around 6.9 million barrels exported, even lower than the figure stated in the Rystad Energy report.
Source: Arabian Business