Connect with us

United States Overtakes Russia As World’s Largest Producer Of Crude Oil

NEWS

United States Overtakes Russia As World’s Largest Producer Of Crude Oil


barack_obama_01-500x300 United States Overtakes Russia As World’s Largest Producer Of Crude Oil

The United States is now the world’s largest oil and natural gas liquids exporter and would remain so for a while, overtaking both Saudi Arabia and Russia.

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries with daily output exceeding 11 million barrels during the first 5 months of this year.

According to the International Energy Agency (IEA), the shale oil boom due to hydraulic fracturing and directional drilling has resulted in large volume gains in U.S. oil production on private and state lands where federal policies have little effect on output.

The US Congress had on Friday approved the lifting of the ban as part of a $1.1trillion spending bill. The bill was later signed by President Barack Obama.

President Barrack Obama had during his last visit to Kenya sometime in July this year stated categorically that his country would no longer buy Nigeria’s crude oil thus heightening the call by the Organised Private Sector (OPS) that the country should intensify efforts to develop the non- sector of the economy.

The US until then was buying almost 10 per cent of Nigeria’s total crude oil stock, but now buys a small amount of Nigerian crude oil due to the dramatic rise in domestic shale production.

With the lift on the ban of US’s crude export, Nigeria has lost its biggest customer bringing the fortunes of its crude differential trading to the lowest in the last ten years.

Want Latest Controversial News? Download the Linjust app for Android Phones.

Continue Reading
6 Comments

Leave a Reply

6 Comments on "United States Overtakes Russia As World’s Largest Producer Of Crude Oil"

avatar
newest oldest most voted
Anthony Dugbo
Guest
Anthony Dugbo

That’s quite a feat and remarkable!

Anthony Dugbo
Guest

How do you want measure a country’s progress if not in such clear terms?

Possible Wilson
Guest
Possible Wilson

Yae it very remarkable, and how i wish Nigeria could join in competing with the United States….

Mr Talkless
Guest
Mr Talkless

That’s quite fortunate for. U S, en bad news for 9ja. Kudos to u s govt

Mr Talkless
Guest
Mr Talkless

Nigeria govt shld learn from this en make use of every upportunity wisely. God bless 9ja!

ThankGod
Guest

wao u.s is really at d top, mr talkless u re right dnt mnd dis our country dy re always lacking behind.

More in NEWS

Advertisement

DO YOU WANT FUNNY VIDEOS?

Like us on Facebook

Subscribe to Linjust via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

To Top