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Thanks to Texas, US set to become world's largest oil producer by fall
Texas oil production set to surpass Iraq and Iran by 2019. (Spencer Platt/Getty Images)

Thanks to Texas, US set to become world's largest oil producer by fall

If Texas oil production maintains its current pace, the United States will become the world's largest oil producer by fall, surpassing Russia and Saudi Arabia, according to HSBC investment bank .

"If it were a country, Texas would be the world's No. 3 oil producer, behind only Russia and Saudi Arabia," the bank told CNN .

The West Texas Permian Basin and Eagle Ford in South Texas are leading the Lone Star State's shale oil boom with low drilling costs and Texas tea aplenty.

"It's remarkable. The Permian is nothing less than a blessing for the global economy," Bob McNally, president of Rapidan Energy Group, told CNN.

How much oil is produced daily in the U.S.?

Overall, the U.S. is producing about 10.3 million barrels a day. That number is expected to surpass 11 million per day within the next few months, Pioneer Natural Resources Chairman Scott Sheffield told CNN .

At that level of output, the U.S. would be the world's top producer.

Russia currently pumps 10.6 million barrels a day, and Saudi Arabia pumps about 10.1 million, according to the report.

How much oil does Texas produce each day?

The Permian Basin and Eagle Ford's combined output is expected to hit 5.6 million barrels per day by next year, up from 2.5 million barrels per day in 2014, HSBC has predicted.

Iraq is projected to reach 4.8 million barrels per day for Iraq, with Iran coming in at 3 million barrels per day.

Is there enough pipeline in Texas to keep up with production?

The Permian Basin is producing so much so quickly that it's running out of pipelines. Some companies are exploring alternatives while they wait for more pipelines to be built.

Those logistical constraints could slow future production growth until the pipelines catch up.

HSBC called the Permian a "victim of its own success," according to CNN.

What else?

There's also a labor shortage in Texas that's becoming critical, according to an executive at the Dallas Federal Reserve, CNN reported.

But thanks to the shale oil revolution, the U.S. is becoming less reliant than ever on foreign oil.

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