U.S. production of petroleum, natural gas reaches record high in 2018

Source: Xinhua| 2019-08-21 03:16:56|Editor: Shi Yinglun
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HOUSTON, Aug. 20 (Xinhua) -- U.S. petroleum and natural gas production hit a new record in 2018, the U.S. Energy Information Administration (EIA) reported on Tuesday.

According to the EIA, U.S. petroleum and natural gas production increased by 16 percent and 12 percent, respectively, in 2018.

U.S. crude oil production increased by 17 percent in 2018, setting a new record of nearly 11.0 million barrels per day (b/d), while U.S. dry natural gas production increased by 12 percent in 2018 to 28.5 billion cubic feet (807.03 million cubic meters) per day, reaching a new record high for the second year in a row.

The EIA also reported that Russia's crude oil and natural gas production reached record levels in 2018, encouraged by increasing global demand. Saudi Arabia's annual average crude oil production increased slightly in 2018, but it remained lower than in 2016, when Saudi Arabia's crude oil output reached a record high.

The United States surpassed Russia in 2011 to become the world's largest producer of natural gas and surpassed Saudi Arabia in 2018 to become the world's largest producer of petroleum. Last year's increase in the United States was one of the largest absolute petroleum and natural gas production increases from a single country in history.

According to the EIA, for the United States and Russia, petroleum and natural gas production is almost evenly split.

Saudi Arabia's production heavily favors petroleum. Crude oil exports account for about 60 percent of Saudi Arabia's total economic output. China, along with the United States, remain critical markets for Saudi Arabia's petroleum exports.

Petroleum production is composed of several types of liquid fuels, including crude oil and lease condensate, natural gas plant liquids (NGPLs), and bitumen. U.S. petroleum production in 2018 was composed of 80 percent crude oil and condensate and 20 percent NGPLs.