US and Russia duel over production dominance
Fuelled by shale gains, US output has risen rapidly, now outstripping Russia’s production; but Moscow won’t accept the shift lying down
Surging crude oil output in the United States has disrupted an oil order that's been in place for decades. The US has this year overtaken Russia to become the world's largest producer for the first time. But the record-breaking run is threatened by Moscow's bullish ambitions. US oil companies' production averaged 10.59m barrels a day in April, according to Jodi data released this week. Their Russian peers produced only 10.3m b/d-meaning the US retained a lead that started in February. "Over the next five years, the US will be producing more than Russia," Tariq Zahir, a commodity fund manager at Tyche Capital Advisors LLC told Petroleum Economist. "New pipelines, new infrastructure and the a
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