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US bid for oil supremacy shakes market

Shale boom sharply cuts America's crude imports, freeing up oil for overseas markets and putting pressure on Opec

Published Wed, Oct 15, 2014 · 09:50 PM
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New York

PROPELLED by surging shale output, the United States is fighting for supremacy in the global oil market even as a pullback in crude prices threatens to challenge the boom.

The US, which only a few years ago seemed to be in the midst of an inexorable decline in domestic petroleum production, may have already overtaken other petroleum giants. In terms of crude alone, the US pumped 8.8 million barrels per day (bpd) in September, still a distance from Russia's 10.6 million bpd and Saudi Arabia's 9.7 million bpd, according to official sources.

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