US ‘likely’ has taken over as the world’s top oil producer

Pump jacks operate in front of a drilling rig in an oil field in Midland. The US is now likely the biggest producer of oil in the world. (Reuters)
Updated 12 September 2018
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US ‘likely’ has taken over as the world’s top oil producer

  • America “likely surpassed” Russia in June and August.
  • US production has soared in recent years because of techniques including hydraulic fracturing

The United States may have reclaimed the title of the world’s biggest oil sooner than expected.
The US Energy Information Administration said Wednesday that America “likely surpassed” Russia in June and August after jumping over Saudi Arabia earlier this year.
The agency says, however, that’s based on preliminary estimates.
If those estimates are right, it would mark the first time in more than two decades that the US has led in output.
US production has soared in recent years because of techniques including hydraulic fracturing, or “fracking,” the use of chemicals, sand, water and high pressure to crack rock formations deep below ground, releasing more oil and natural gas.
Fracking is driving a drilling boom in the Permian Basin under Texas and New Mexico.


S&P warns it could downgrade Nissan ratings over Ghosn scandal

Updated 52 min 11 sec ago
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S&P warns it could downgrade Nissan ratings over Ghosn scandal

TOKYO: Ratings agency S&P warned Tuesday that Nissan faces a possible debt downgrade after its chairman Carlos Ghosn was arrested for alleged financial misconduct.
S&P Global Ratings announced a “CreditWatch with negative implications” and said it “also placed all of our ratings on Nissan’s overseas subsidiaries on CreditWatch negative.”
It warned the firm’s profitability could “weaken substantially” in fiscal years 2018 and 2019 if Ghosn’s alleged misconduct affected Nissan sales or hurt its alliance with Renault and Mitsubishi Motors.
It said any downgrade “is likely to be by one notch.”
“Although Nissan said it aims to identify its governance issues and hammer out preventive measures, we think rebuilding its management culture swiftly will not be easy.”
Auto titan Ghosn, who headed the automaker alliance, was arrested in Tokyo on Monday on allegations that include systematically under-reporting his income.
His detention marks a stunning fall from grace for the Brazil-born executive who is credited with resurrecting Nissan through bold restructuring measures.
Ghosn has yet to comment on the allegations against him. Nissan’s board is set to meet on Thursday to discuss dismissing him.