The US is likely to set a record in crude oil production this year, potentially becoming #1 global producer
The US crude oil output will grow at a CAGR of 5% through 2020, as domestic shale and tight oil production continues to boom. Production will grow at a more moderate pace after 2020, and additional investment will be needed to support that. The country is increasing its crude oil production at a time when other major producers, Russia and members of the Organization of Petroleum Exporting Countries (OPEC), have been cutting their output to balance oil prices. The US remains the largest oil consumer followed by China. Oil consumption reached 19.9 million bpd in 2017, and it is predicted to grow by 2.4% this year, by 1.6% in 2019. The country produces 73% of its petroleum and liquids consumption, therefore it still relies on imports to meet the demand. Oil is mostly imported from Canada (43% of total imports), South America (17%), Saudi Arabia (12%), Mexico (8%), Iraq (7%) and West Africa (6%). The US claims to be getting closer to self-sufficiency in oil by 2020. The county is alread...