Oil_wellAs reported by the Bank of America Corp. and the International Energy Agency (IEA) in June, the United States will remain the world’s biggest oil and natural gas liquids producer this year, overtaking Saudi Arabia and Russia. The country became the world’s biggest natural gas producer in 2010.

It was announced in the report of the bank and IEA that the country is currently the world’s leading producer of oil and natural gas liquids. U.S. production of crude oil along with liquids separated from natural gas have outpaced every other country in the world in the first six months. The U.S. and global economies have been remodeled because of the shale revolution in recent years.

The country is experiencing an oil boom in large part as a result of high world prices and new technologies, including horizontal drilling and hydraulic fracking: a method involving fracturing of rock through high-pressure liquid. The new technique has made the extraction of oil and gas from shale rock economically viable and unlocked oil reserves in Texas and North Dakota. The U.S., which is currently the world’s biggest oil consumer, imported an average of 7.5 million barrels per day of crude oil in April.

According to the International Energy Agency, U.S. oil production will increase to 13.1 million barrels a day in 2019 and the country will lose its leading position at the beginning of 2030s.

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