US trying hard to become one of the top oil production country

     Written by : SMTV24x7 | Fri, Jan 05, 2018, 01:47 AM

US trying hard to become one of the top oil production country

US, Jan 05: US is trying hard to increase its oil production and is on course to scale up its crude oil production by 10% this year to about 11 million barrels a day according to a research study.

Oil production heads like Russia and Saudi Arabia will now face tough competition from US. "The market has completely changed due to the US shale machine," said Nadia Martin Wiggen, Rystad's vice president of markets.

US oil production slipped -- but didn't completely collapse -- after Saudi-led OPEC launched a price war in late 2015 aimed at reclaiming market share lost to shale and other players. A massive supply glut caused crude to crash from around $100 a barrel to a low of $26.