America’s booming oil production could set the stage for country’s total petroleum exports to surpass those of Saudi Arabia by end-2019, according to Rystad Energy AS.
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This year, the U.S. will add another 1 million barrels a day of crude production, after last year’s 2 million barrel a day increase, even as independent operators are cutting capital spending. Increasing supply and growing export capacities will push America’s total petroleum shipments abroad to be on par to those of Saudi Arabia by the year’s end at around 9.5 million barrels, Oslo-based Rystad said.