Steel Markets
August 18, 2014
Oil and Gas Prices and Rotary Rig Counts
Written by Peter Wright
The Energy Information Administration (EIA) has just released data on global oil production for 2013. The global total was just over 90 million barrels per day (bpd). The Middle East and North America produced 27,170,000 and 19,285,999 bpd, respectively. The United States was the world’s top oil producer at 12,302,000 bpd followed by Saudi Arabia with 11,592,000 bpd.
Mark Perry, in an article published by Seeking Alpha on August 14th, summarized as follows: “Bottom Line: The EIA data on international petroleum production through April provides more evidence that America’s shale energy revolution is taking the US from “resource scarcity” to a new era of resource abundance. The US now consistently produces more total oil supply than Saudi Arabia. This energy bonanza in the US would have been largely unthinkable even five years ago. But then thanks to revolutionary drilling techniques developed by American “petropreneurs,” vast oceans of shale oil have been accessed across the country, making the US the world’s No. 1 petroleum producer for 18 months running.”
