The United States regained leadership in oil and gas production

The United States intercepted the world palm in Russia in terms of oil and gas production, according to a new industry report prepared by BP.

The change of leader speaks of the fundamental changes in the global energy industry that have occurred due to the development of shale deposits in the United States, it is stated in the publication.

According to the Statistical Review of World Energy, released by BP on Wednesday, oil production in the United States last year hit a record high, reaching 1,6 million barrels per day.

Gas production also increased, which allowed the US to overtake Russia in terms of total hydrocarbon fuel production.

Data showing the emergence of the United States as a leader in terms of production, confirms the trend that has helped the world's largest economy to reduce imports and change the country's foreign policy priorities, as well as led to a decline in world energy prices.

“We are witnessing the changing of the guard in world energy supplies,” said BP Chief Economist Spencer Dale at the presentation of the report. “The consequences of the shale revolution for the United States are enormous.”

The increase in oil production and the decline in global demand for it led to a drop in prices by about 40 percent last year.

The price cuts will force some producers to stop working at some shale deposits in the US, but most production facilities can operate at current prices, Executive Director of BP Bob Dudley said in London on Wednesday.

According to him, the number of drilling platforms at shale deposits has decreased by half compared with the peak value in October last year and may stabilize by the end of summer.

“The shale revolution in the United States is not exhausted,” said Dudley.

The increase in oil production in the United States last year allowed them to bypass Saudi Arabia in terms of crude oil production. The United States was the first country to increase average daily oil production by more than a million barrels for three years in a row, according to the BP report.