U.S. to top Saudi Arabia in oil production this year, group says

10/16/2013 | Bloomberg

PIRA Energy Group sees the U.S. surpassing Saudi Arabia as the largest crude oil supplier in 2013, when natural gas liquids and biofuels are taken into account. U.S. liquids production is expected to reach 12.1 million barrels a day, which is 300,000 barrels a day higher than the output of Saudi Arabia, data showed. "This is another sign of the successful story that is horizontal drilling," said Michael Lynch, president of Strategic Energy & Economic Research.

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