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

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.


Lebanon removes banking secrecy rules to fight corruption

Updated 37 min ago

Lebanon removes banking secrecy rules to fight corruption

  • The move opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers

BEIRUT: Lebanon’s parliament approved on Thursday a law to remove decades-old banking secrecy rules in order to better fight rampant corruption that has pushed the country to the edge of economic collapse.
The move opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers, legislators and civil servants, state-run National News Agency reported.
The restoration of stolen public money in the corruption-plagued nation has been a key demand of protesters who have been demonstrating since mid-October against Lebanon’s ruling elite, which they blame for widespread corruption and mismanagement.
The approval of the law came two months after the Cabinet approved a draft resolution to abolish the country’s banking secrecy laws, which have turned tiny Lebanon into the region’s Switzerland, attracting clients from around the Arab world who prized the anonymity its banks offered.
The new law gives powers to National Anti-corruption Commission and a Special Investigative Committee at the central bank to investigate bank account of officials, the report said.
For Thursday’s session, Lebanese lawmakers convened inside a Beirut theater so that they could observe social distancing measures imposed during the pandemic. Dozens of anti-government demonstrators briefly clashed with riot police outside as legislators met.
As lawmakers in face masks arrived at the theater, known as the UNESCO palace, paramedics sprayed them with disinfectant before they entered, one at a time.
Lebanon has been facing its worst economic crisis in decades, with unemployment figures soaring and the local currency losing more than half of its value against the dollar.
After the banking secrecy measure was passed, Parliament Speaker Nabih Berri suspended the session until later in the afternoon when the legislators were to discuss a draft general amnesty law.
The amnesty issue has deeply divided parliamentary blocs, with Christian groups calling for pardoning Lebanese who fled to Israel after it ended its occupation of southern Lebanon in 2000, while former Prime Minister Saad Hariri and others want the release of hundreds of Islamists held as terror suspects.
Lebanon and Israel are at a state of war and some Lebanese who fled to Israel now hold Israeli citizenship. Scores of protesters demonstrated in Beirut and southern Lebanon on Thursday against pardoning those living in Israel.