US expected to exceed Saudi maximum level of production in next six months
...The main thing holding the US back at this point is the infrastructure to get the oil to market. That infrastructure should come online in the next few months. It will lead to several wells that have been drilled but not completed being finished and producing. Most of this production will come from the Permian Basin of Texas.
Propelled by the shale-oil boom, the U.S. is already producing more crude than either Russia or Saudi Arabia, who until recently vied for the top spot. By mid-year America will go one better.
At the moment, Saudi Arabia could raise production all the way up to its maximum capacity of 12 million barrels a day, surpassing the 11.8 million daily barrels produced by the U.S. in December, according to the International Energy Agency. Soon even that won’t be enough.
American crude output is poised to expand by 1.1 million barrels a day this year, according to the IEA, which sees the U.S. exceeding the Saudis’ maximum level within the next six months.
“By the middle of the year, U.S. crude output will probably be more than the capacity of either Saudi Arabia or Russia,” the Paris-based agency said in a report on Friday.