U.S. Oil Production Surpasses 10% of World Total

By OilFOXBusiness

The U.S. shale oil boom has lifted the nation’s oil production above 10% of total world output, according to the Energy Information Administration.

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Domestic tight oil production, including the Bakken, Eagle Ford and other shale plays, averaged 3.22 million barrels per day in the fourth quarter of 2013. Overall crude oil production rose to 7.84 million barrels per day, giving the U.S. a global share of 10.4%. A year earlier, the U.S. held a 9% share.

China, Argentina and other countries sit on large amounts of technically recoverable shale oil. But so far, Canada and Russia are the only countries other than the U.S. to produce commercial quantities of tight oil.

By February, Eagle Ford in Texas and North Dakota’s Bakken generated 63% of U.S. tight oil production, which accounts for 91% of North America’s shale total.

Russia produces just 1% of its oil from shale formations, while Canada relies on shale for 10% of its total crude output.

The EIA said Australia and the U.K. have the potential to become the next countries to produce shale oil, given industry conditions similar to those in North America.

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