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Commodities Briefing - Categorized | Oil, Resources more

U.S. oil now 10pct of world total

Posted on 28 March 2014

The United States now produces 10.4% of the world’s crude oil, or 7.84 million barrels of crude oil a day. Of that total, 3.22 million barrels (43%) come from tight plays, including the shale oil fields of North Dakota and Texas. The rest comes from conventional production.
For those of you who are wondering why the U.S. Energy Information Administration (EIA) is claiming that 7.84 million is 10% of global production we’ll explain. According to the EIA and the International Energy Agency (IEA) and OPEC, total global production in 2014 will average right around 90 million barrels a day, meaning that 10% would equal 9 million barrels………………………………Full Article: Source


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