US Ranks as Top Oil Producer
The United States will change the situation where Russia has always been the leader of oil producer. All this are resulted from its oil boom.
The prediction is after the U.S government showed that while its oil production has grew, but it has lose the position as the largest oil exporter to China .
Its oil growth this time can lead it in the old time position where it had once ranked one of the international leader of oil production.
The American has broken its historical records by producing more than 10 million barrel of oil per way for the last two quarters. Now the nation is planning to be the largest non-OPEC liquid producers in 2014. Not counting the benefits from biofuels and refinery.
The peak of American oil production has supplied a base that it can grow by an average of 1.7 million barrels daily in 2014. This high production has never happened in the past few years.
The prosperous oil growth will be a strike to the OPEC production and affect the oil price. The Momentum has the possibility that the oil price can be lower the current $110 a barrel.
Despite Saudi has supplied the topping 10 million bad for the consecutive three mouth, the crude oil supply from OPEC has dropped to lower than 30 million in the past two years, especially the drop in Libya and Iraq.
Due to the influence of non- OPEC supply has increased, the expected oil from OPEC supply is in the 100,000 bpd to 29 million.