​U.S. passes Russia —- briefly — to become top oil producer

The U.S. surpassed Russia in August to claim the title of world’s top oil producer, with the largest year-on-year output increase in U.S. history.

Output rose to a record 11.346 million barrels a day, according to a monthly report issued Thursday by the U.S. Energy Information Administration. Russia pumped 11.21 million in August, according to its Oil Ministry data.

U.S. supply surged by 2.1 million barrels from August 2017, the largest recorded increase in data going back to 1920, according to EIA. Oil companies boosted shale drilling in Texas, Colorado and other states in response to a 48 percent rally in prices. U.S. Gulf of Mexico production hit a record high, as did New Mexico, which has benefited from massive growth in the Permian Basin.

The reign as world’s biggest oil producer may be short-lived: Russia in September produced 11.37 million barrels a day and they may be above 11.4 million in October. Saudi Arabia and Russia pledged to pump more oil to offset declines in Venezuela and plug any supply shortfalls from U.S. sanctions on Iran.

© 2018 Bloomberg L.P

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