Not on a $/BTU basis it isn’t.
I’ll babble a bit more, not that anyone cares.
“Oil” is a word whose definition has changed in a technical way. There is a measurement that defines “oil” versus “lease condensate”. The latter is a less viscous liquid . . . thinner . . . that contains less diesel and kerosene (jet fuel) as constituent parts.
West Texas Intermediate used to have an API value of about 38. That was when western Texas conventional fields (conventional meaning not fracked) flowed oil with that measured value.
WTI is now 40. Much thinner because that region is mostly non conventional now. Fracked. “Light Tight Oil” Shale oil. It is not diesel rich. It is gasoline rich, which is a fine thing, but . . . it’s not the same liquid that we used to call “oil”.
And the threshold for declaring liquid to be oil rather than condensate used to be 40. It got raised to 45.
So, celebrations of new oil production records have some small footnotes — but some of this is not worth focus because to BP’s great credit, they do quote oil production as C&C — Crude and Condensate. And always have, so the new records quoted are pretty clean comparatively.
Exact numbers for gas, from the spreadsheet —
Misquoted above. Russia gas reserves are 37.4 Tcm
US 12.6 Tcm.
Be careful with gas. There is a media tendency to quote cubic feet rather than the universal cubic meters and this amplifies the numbers. US 12.6 Tcm is 445.6 Tcf.
Iran 32.1 Tcm. Qatar 24.7 Tcm. Turmenistan 13.6 Tcm. China 8 Tcm.
Note that the Reserves numbers have a methodology review underway. Because I am certainly not the first person to notice the numbers.
US production 1.03 Tcm per year (2023)
Russia about 0.59 Tcm per year
Iran about 0.25 Tcm per year (this gets called 250 billion)
Qatar about 0.18 Tcm per year
When you don’t have infinite amounts, one can celebrate production too loudly and one can certainly talk about LNG exports for God knows why.