US Dominating Oil Production Impacts World Production Plans

For the past 18 consecutive months, the U.S. has led the world’s crude oil production. It surpassed Russia and Saudi Arabia in June and August of 2018. One year later, the U.S. surpassed its own production record by 14.6 percent.

The U.S. leading crude oil production for the first time since 1973 “demonstrates how the US shale oil boom has reshaped the global energy landscape,” CNN Money reports. U.S. crude oil production has more than doubled over the past decade.

In response to the U.S. oil boom, OPEC and Russia announced last week they were cutting their production by 500,000 barrels per day in order to support prices. The announcement followed a meeting in Vienna, of Saudi Arabia, other OPEC allies and Russia.