The US Passes Saudi Arabia to become the World’s Largest Oil Producer

PIRA, a leader in worldwide energy market analysis, has recently announced that the US has finally surpassed Saudi Arabia as the largest oil producer in the world, after an explosion in the use of hydraulic fracking created the largest oil boom in nearly 40 years, only beaten by the production boom in Saudi Arabia between 1970 and 1974.

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Canada is getting into the Big leagues of Energy Production according the a recent report from the Fraser Institute.

In short, Canada has “pretty much vast untapped potential for Economic benefits to Canadians by continuing along this path of increased energy production and trade” says Ken Green of the Fraser Institute. According to this report,  Canada is well on its way to becoming a Superproducer of energy with its vast new reserves of Oil from unconventional sources like the Oil Sands, new reserves of Natural Gas from Fracking shale reserves, as well as our existing supplies of power generated by Hydro Electricity.

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Can Russia Maintain Current Oil Production Levels until 2020?

Uncertainty whether Russia can maintain its high level of oil production continues – 10.7 million b/d in 2012 to date on average. A new more benign tax regime that has recently been put in place and significant industry investments may plausibly enable the Russian Bear to extend its “plateau production” to 2020.

The post below outlines how this impressive achievement has been made possible, given that the decline of existing production is plausibly 6% or more every year for most old giant fields in West Siberia. In other words, the Russian oil industry needs to invest substantially in pushing more oil from existing fields (lowering decline rates) and new field developments to keep production steady.

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