According to data released by the United States Energy Information Administration, US crude oil exports topped Saudi Arabia and Russian Federation in August, reaching a whopping 10.9 million barrels per day.
The EIA estimated that US crude production has risen to 10.9 million barrels-per-day and could average at 11.5 million next year.
Thanks to the fracking boom, USA oil production has topped more than 10 million barrels per day this year - a first since the 1970s, Reuters reported.
"Although EIA does not publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that USA crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019", adds Climate Depot.
Iran's key customers in Asia-no.1 China and no.2 India-are not expected to cut off their imports of Iranian oil, although India may reduce some of its Iranian intake as it tries to maneuver between cheap Iranian crude and the USA pressure to have Iran's oil exports down to "zero". Much of the recent growth has occurred in areas such as the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana. However, after crude oil prices increased in early 2016, investment and production began increasing later that year.
The Saudi oil is also now competitive in Asia because of strong Brent Crude prices that are used for the pricing of supply from Europe and Africa to Asia. Other sources used to inform these estimates include data from major producing companies, worldwide organizations (such as the global Energy Agency), and industry publications, among others.