The fracking revolution could open the way for the U.S. to overtake Saudi Arabia as the world’s number one oil producer, energy research provider Platts said in a report on Tuesday.
“Another clear theme this year remains the dramatic upheaval, and for most, growth, that the American shale-led boom continues to thrust on energy players,” said analysts Robert Perkins and Henry Edwardes-Evans in Platts’ annual report on the world’s top 250 energy companies.
Extracting oil and gas from shale rock through hydraulic fracturing has transformed the U.S. energy industry, and the U.S. Energy Information Administration sees the country’s shale oil production hitting 9.6 million barrels per day by 2019.
Fracking helped the U.S. to post the largest increase in oil production of any country in 2013, according to Platts. U.S. oil output jumping by over 1 million barrels per day, the largest annual increment in the country’s history.
“The fracking revolution in the U.S. looks set to topple Saudi Arabia as the world’s number one oil producer,” wrote Perkins and Edwardes-Evans.