US outstripped Russian Federation in extraction of crude oil

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Open source

According to the US Energy Information Administration, the United States became the world's largest producer of crude oil in 2018, ahead of the Russian Federation and Saudi Arabia. This is reported by Ukrinform news agency.
The US specialists came to this conclusion thanks to preliminary calculations.

«For the first time in more than two decades, this February crude oil production in the US exceeded production in Saudi Arabia. In June and August, the United States bypassed the Russian Federation for the production of crude oil for the first time since February 1999,» - the document stresses.

It is assumed that the US will remain world leaders in oil production during this and next years.

«Cheaper oil prices in mid 2014 led to the fact that US producers limited their costs and temporarily reduced oil production. However, after rising prices in early 2016, investment and production has started to grow. At the same time, the Russian Federation and Saudi Arabia have maintained a relatively stable level of oil production growth in recent years,» - the report says.

As The Journalist reported earlier, US Special Envoy on Donbas to visit Ukraine this week.

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