Recent news that the United States is bolstering its efforts to increase domestic production appears to have an effect on the global market sentiment, as new reports indicate that the country will soon be the world's number one producer.
According to a report from Reuters, the U.S. is set to surpass Russia and Saudi Arabia as the globe's top energy producer by 2017. A statement made Monday by the International Energy Agency (IEA) suggests the United States' production will overtake Russia in 2015 on its way to becoming the world leader in the next five years.
This complements the IEA's report from late last month that indicated the U.S. is limiting its dependency on foreign oil as it reduces its imports. The IEA report forecasts that if this trend continues, the country may be able to achieve its goal of powering itself entirely with its own reserves.
"The United States, which currently imports around 20 percent of its total energy needs, becomes all but self-sufficient in net terms – a dramatic reversal of the trend seen in most other energy importing countries," the report says.
The country's ability to meet its goal of self-sufficiency will depend, in large part, on the efforts of domestic oilfield producers. These companies must equip themselves with proper equipment in order to respond to growing needs. If the United States becomes the world's leading producer, the country will have the opportunity to supply new global demands in addition to meeting domestic needs.
Oilfield equipment such as artificial lift will assist in any producer's efforts because it speeds up the extraction process while limiting the amount of wasted effort and resources. By building efficiency onto the oilfield, companies can ensure a safer, more productive and more profitable operation.