US to produce more fuel than Russia this year: BP

Last Updated: Thu, Jan 17, 2013 10:50 hrs

Moscow, Jan 17 (IANS/RIA Novosti) The US is expected to surpass Russia and Saudi Arabia in 2013 as the world's largest producer of crude oil and biofuels, British oil major BP said in its latest report published Thursday.

The US will overtake both Russia and Saudi Arabia in 2013 in liquids production due to rising production of shale oil and biofuels, but also due to expected OPEC production cuts, the forecast said.

Russia will likely pass Saudi Arabia for the second place in 2013 and hold this position until 2023.

Saudi Arabia will regain the top oil producer slot by 2027.

"The US, Saudi Arabia, and Russia will supply over a third of global liquids," the BP forecast said.

Russia will remain the world's largest energy exporter by 2030, with increases in exports of all fossil fuels. Net energy exports will rise by 25 percent in volume terms.

Adjusting for expected economic growth, Russia is likely to remain significantly less dependent on energy exports than Saudi Arabia, the report said.

--IANS/RIA Novosti


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