U.S. world's largest oil producer at over 20 percent.

GON

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This chart caught me a bit by surprise. The chart's producer is a middle east based media conglomerate.

The U.S. produces over twenty percent of the world's oil. Wow. Wonder if the U.S. can double that number, and be a key worldwide exporter to help with the trade deficits.

INTERACTIVE-The-top-10-oil-producers-JUNE16-2025-copy-2-1750160548.webp
 
This chart caught me a bit by surprise. The chart's producer is a middle east based media conglomerate.

The U.S. produces over twenty percent of the world's oil. Wow. Wonder if the U.S. can double that number, and be a key worldwide exporter to help with the trade deficits.

View attachment 285391

you can't cause all those other countries can produce oil cheaper and the price will plumet with every increaqe in production. The current cost per barrel in the US is about $70, for saudi arabia it's about $9. for russia it's around $20.
 
Sweet or sour, it must still get used somehow. I do know the USA runs on the ragged edge of refining capacity.
WTI is considered a light and sweet crude - but as others noted it’s more expensive to produce (horizontal and stimulation) … Safety and environmental costs are also high in the US …
 
The faster you pump it out, the faster you deplete your future proven reserves.

And when your proven reserves become depleted, you then become dependent on imports. This is what happened after WW2 up to the early 1970s.

To me, it would only make sense to pump it out if you believed that the world economy will totally get off of fossil fuels by the time you have depleted domestic reserves.
 
The faster you pump it out, the faster you deplete your future proven reserves.

And when your proven reserves become depleted, you then become dependent on imports. This is what happened after WW2 up to the early 1970s.

To me, it would only make sense to pump it out if you believed that the world economy will totally get off of fossil fuels by the time you have depleted domestic reserves.
Yes but they used to say we were going to run out of oil, or USA had run out of oil. But magically now were the largest producer again.

The problem with believing the "experts". They always talk their book.
 
Do you have data on the daily consumption by these same countries?
Its all here. Saudi and Russia are the worlds largest exporters. They both export way more than they use themselves. Both are purported to have a lot in reserve as well. For Saudi that is for sure true. Russia makes people wonder, because no outsiders have seen resevoir and production numbers for years.

Venezuela has the largest reserves, but only produce 20% of what they did 20 years ago due to mismanagement, so there is speculation that might be going on in Russia also. The Russian fields are the most complex to run in the world.

https://www.eia.gov/tools/faqs/faq.php?id=709&t=6
 
We have roughly 50 billion barrels of oil reserves (about #9 in the world) and maybe even more with fracking.
We also have the 4th largest natural gas reserves in the world.

Never mind, someone posted it right above this post *LOL*
 
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