U.S. to Overtake Russia as World’s Top Oil Producer by End of 2018, According to IEA
The International Energy Agency said strong growth in shale output will allow the U.S to become the world’s leader in crude production.
The IEA said U.S. output will exceed 11 million barrels-per-day by the end of the year, while Russia’s production is currently just below that mark.
This report comes after the U.S. surpassed Saudi Arabia as the world’s second largest oil producer last year as U.S. crude output rose above 10 million barrels-per-day for the first time in several decades.
Despite the positive forecast, experts warn the rising U.S. output could bring down global oil prices due to a possible surplus.