United States to pass Saudi Arabia in liquid petroleum
The shale boom in the United States has substantially increased production of liquid petroleum, and soon the U.S. will surpass Saudi Arabia and become the biggest producer in volume.
Data from the International Energy Agency (IEA) show that in August, Saudi Arabia's production was 11.6 million barrels per day, compared to 11.5 million for the United States.
Increased production of oil and related liquids like ethane and propane will allow the U.S. to overtake Saudi Arabia by November, or as early as September. The year was 1991 when the U.S. last exceeded Saudi Arabia in production.
As for crude oil, the U.S. is still third at 8.5 million barrels per day, behind Saudi Arabia at 9.7 million and Russia at 10.1 million barrels per day.
With the U.S. as the first country to take advantage of Hydraulic fracturing technology, also known as Fracking, will allow the country to catch up to Saudi Arabia and Russia's crude oil production.
The United States account for 10% of total world production. The U.S. became a net exporter of liquefied petroleum gases for the first time in 2012.
Saudi Arabia remains the largest exporter of petroleum liquids in the world and has the largest known crude oil reserves at 16% of the world's total.