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IEA: Saudi Arabia retakes top oil position from US

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/09/2016 (16:30)
According to the International Energy Agency (IEA), Saudi Arabia has retaken its position as world’s top oil producer from the US, a role the US has held since April 2014 due to the shale oil boom. In its monthly report released yesterday, the IEA said that while Saudi Arabia added 400,000 barrels a day of output from low-cost fields since May, about 460,000 barrels a day of “high-cost” production was shut down in the U.S.

Saudi production of crude oil including natural gas liquids was at 12.58 million barrels a day in August compared to 12.2 million barrels a day in the US. Rigs for drilling oil and gas fell to a record low of 404 in the US as of May 20, but the number has since risen back to 508 rigs as of September 9.
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