There is an unconventional revolution going on in the oil business. BP recently released its 2011 statistical review of world energy and had this to say about global oil production:
Annual global oil production increased by 1.1 million b/d, or 1.3%. Virtually all of the net growth was in OPEC, with large increases in Saudi Arabia (+1.2 million b/d), the UAE, Kuwait and Iraq more than offsetting a loss of Libyan supply (-1.2 million b/d). Output reached record levels in Saudi Arabia, the UAE and Qatar. Non-OPEC output was broadly ﬂat, with increases in the US, Canada, Russia and Colombia offsetting continued declines in mature provinces such as the UK and Norway, as well as unexpected outages in a number of other countries. The US (+285,000 b/d) had the largest increase among non-OPEC producers for the third consecutive year. Driven by continued strong growth in onshore production of shale liquids, US output reached the highest level since 1998.
Yes, the United States had the largest increase in production year on year again. Five years ago with American oil production in a thirty year decline trend, very few people could have imagined that we would now be on the upswing or the third consecutive year.