U.S. to Overtake Saudi Arabia as World’s Top Oil Exporter
U.S. to Overtake Saudi Arabia as World’s Top Oil Exporter
The United States is predicted to be the world's top exporter of oil, natural gas liquids, and petroleum products by the end of 2019. The previous title holder was Saudi Arabia. America has not held this record since the 1950s, which is the decade that Saudi Arabia began selling oil overseas.The Reasons for the AdvancementThe United States has had great strides in two areas: technology and newfound shale oil supply. There has been innovation with drilling methods which have revealed hidden oil across the country. The highest concentration is within shale oil fields within Texas, New Mexico, and North Dakota. In the past decade, US oil production has doubled. Today, the United States pumps more oil than any other country - all thanks to shale.The Shale BoomThe center of the shale boom is in the Permian Basin. The Permian Basin contains untapped natural resources that we are now able to take advantage of due to technology. With the increase in supply, it’s now possible for US companies to be competitive and drill at lower prices. The Permian Basin each year has increased in production and has a favorable forecast for years to come. The Permian Basin has drawn a lot of interest in natural gas and oil investors, which will keep the production momentum.Appetite for U.S. OilOther countries, such as China, are the top buyers for US oil. After Congress lifted the 40-year oil export ban in 2015. Oversea oil sales have sky-rocketed. With production levels as they are trending now, the US is well on its way for oil dominance. There is a want/need for US crude and oil, and the US is less dependent on other countries’ supply.The Year AheadWe are four months in 2019, and the predictions are positive. The production levels are at an all-time high in New Mexico and West Texas. The US will continue to make remarkable steps towards landing and maintaining the top spot for oil exports.
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Chase Energy Services
Chase Energy Services is one of the largest privately held integrated oilfield services company in the US, providing end-to-end oilfield services through an experienced management team, innovative technologies and an unrelenting focus on safety. With more than 500 employees, the company serves customers across Southeast New Mexico and West Texas in frac and acidizing, well construction and completion, cementing solutions and well servicing. Learn.More
Chase Energy Services, Inc.11344 Lovington HWYArtesia, NM 88210(575) 748-1288
