The total oil supply of the US, the world’s largest producer in 2013, is expected to average 12.1 MMB/D according to a report by US-based energy markets consulting firm Pira Energy Group.
In data presented at the recent Retainer Client Seminar held in New York City on 10 and 11 October, Pira noted that the US overtook Russia to become the second largest supplier of oil in 2012 and was just behind Saudi Arabia.
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The US witnessed a speedy growth in oil production in 2013, and increased its supply along with Saudi Arabia. The country’s total oil supply in 2013 is larger than Saudi Arabia’s by 0.3 MMB/D and ahead of Russia by 1.6 MMB/D.
The fourth through tenth-largest suppliers are: China, Canada, UAE, Iran, Iraq, Kuwait, and Mexico.
The US has surged to be the world’s leading oil supplier owing to the growth in shale oil. It also has substantial other forms of supply, including natural gas liquids (NGLs) at 2.5 MMB/D, biofuels at 1.0 MMB/D, and refinery gain at almost 1.3 MMB/D.
A shale crude and condensate production of 2.5 MMB/D is over one-third of total US crude production in 2013. Shale natural gas liquids (NGLs) of 1.2 MMB/D is almost half of total NGLs.
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By GlobalDataAlthough growth rates of shale liquids in the US are expected to become smaller in the future, Pira anticipates that the country will increase its lead over the next two largest countries until after 2020 and will retain the lead to at least 2030.
Image: In 2012, US surpassed Russia to become the second largest oil supplier. Photo: Courtesy of Victor Habbick / FreeDigitalPhotos.net
