Yes, the U.S. Has Nearly Single-Handedly Tilted Global Crude Markets
Is the U.S. the only major crude producer with large production gains that are driving crude prices? The short answer is, yes. Since early 2009, more than half of the net gain in worldwide petroleum production is attributable solely to domestic U.S. gains. As our pic of the week shows, total worldwide petroleum production – which includes crude oil, liquids, condensate, and refined petroleum products – is up about 10 million barrels per day since early 2009. The U.S. accounts for nearly 6 million barrels of the gain.
