US surpasses Russia as world’s biggest oil, gas producer: Report
A new report released by oil company BP shows the United States has overtaken Russia’s place as the biggest producer of oil and gas in the world.
The BP Statistical Review of World Energy said on Wednesday that US oil production rose to a record 1.6 million barrels a day last year.
In 2014, the US produced 1,250 million tons of oil and oil equivalent natural gas in comparison with Russia's 1,062 million tons.
US gas output also increased, which inched America ahead of Russia as a producer of the two combined.
However, the BP said Russia added the most oil and gas reserves during the past year as the country added as much as 10 billion barrels of reserves, enough to supply the world for more than 100 days.
The oil company also noted the US shale revolution helped the country to overtake Saudi Arabia as the world’s biggest oil producer and surpass Russia as the world’s largest producer of oil and gas.
Shale oil is a substitute for conventional crude oil. Extracting shale oil from oil shale is more costly than the production of conventional crude oil.
The largest deposits of oil shale in the world are found in the US in the Green River Formation, which covers portions of Colorado, Utah, and Wyoming.
In an interview with Press TV on Thursday, American professor at California State University Fullerton Paul Sheldon Foote pointed to the shale technology that impacted US oil production.
“The recent developments in shale are indeed significant with global implications,” Sheldon Foote said.
“For a very long time, America in the world depended on Saudi Arabia. Now because of the availability of this shale technology it means that America can at any time produce large quantities or even export if they wish and so this changes dramatically Saudi Arabia’s political position,” he added.
The professor also warned about the consequences of low oil price around the world.
“This has a lot of impacts if the prices can be kept low. It has a giant impact on industries throughout the world,” he said.
“If instead the prices drift back up, that would even enable the American shale companies to be even more active,” he added.
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