Russia losing ground in oil, gas production to US
Russia is gradually losing its position as the world's leader in oil and gas production, as the United States has been gaining ground thanks to its energy revolution. According to figures presented by the Wall Street Journal, oil and gas production in the United States in July came in at about 22 million barrels per day, while Russia's predictions for total production in 2013 stand at 21.8 million barrels per day.
U.S. oil and gas production has soared at an astonishing rate over the past few years, mostly thanks to the development of technologies like horizontal drilling and hydraulic fracturing, or fracking, which have allowed operators to reach deposits that in the past were considered unrecoverable or unviable to extract. Meanwhile, despite having the largest reserves in the world, Russia has been lagging behind in the adoption of new technology, which is likely to cost it the number one position.
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According to data from the International Energy Agency quoted by the Wall Street Journal, in production of natural gas alone the United States overtook Russia last year, for the first time since 1982. The American Petroleum Institute estimates that unconventional gas will account for 64 percent of total U.S. gas production by 2020, up on its current share of 42 percent.
However, in the first six months of 2012 Russia outperformed Saudi Arabia in oil output, producing about 11 million barrels a day, and became the largest producer of crude in the world.