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US report: Texas will overtake Iraq in pumping world oil
13:11 - 18/07/2018
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WASHINGTON (Reuters) - Texas will surpass Iraq in the amount of oil pumped into the world market next year, becoming the third-largest oil nation after Russia and Saudi Arabia, a report by CNN reported on Wednesday.
"Rock oil production from the Permian basin in West Texas will outperform OPEC members such as Iraq and Iran next year, according to HSBC's investment forecast ," the report said.
"The amount of rock oil in the American field of Pyramian is similar to what is in the Saudi Ghawar field, which is the largest oil field in the world, and modern technological developments have reduced the cost of pumping oil, where there could be profitable wells at a cost not exceeding $ 40 a barrel."
"The rocky oil revolution has reshaped the global energy landscape. The United States has been pumping oil more than ever before, which will make it less dependent on the troubled Middle East for imports," he said.
"The combined output of Pirmian and Eagle Ford is expected to rise from 2.5 million bpd in 2014 to 5.6 million bpd in 2019, according to HSBC . This means that Texas will account for more than half of the US oil production, compared to the daily production of Iraq about 4.8 million barrels, while Iran is expected to pump 3 million barrels. Ending / 25 z
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