US seen as biggest oil producer after overtaking Saudi Arabia

July 05, 2014 02:54

The US will remain the world's biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nations economic recovery, Bank of America Corp said.

US production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today.

The country became the world's largest natural gas producer in 2010. The International Energy Agency said in June that the US was the biggest producer of oil and natural gas liquids.

"The US increase in supply is a very meaningful chunk of oil," Francisco Blanch, the bank's head of commodities research, said by phone from New York. "The shale boom is playing a key role in the US recovery. If the US didn't have this energy supply, prices at the pump would be completely unaffordable."

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