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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.

http://www.oann.com/u-s-to-overtake-russia-as-worlds-top-oil-producer-by-end-of-2018-according-to-iea/

 



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https://www.youtube.com/watch?v=Z96ZiaQbwqw



Does this mean it's America's turn to be invaded? =P



 warn the rising U.S. output could bring down global oil prices due to a possible surplus.

Lets hope so, Oil Price more than doubled from $29.78 Jan 2017 a barrel to $64.73 Jan 2018



CaptainExplosion said:

Does this mean it's America's turn to be invaded? =P



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Graph for some greater context over time. Recent years has witnessed spike in production. Right now with projections that by 2020 be at 12 million barrels showing the effect of shale on the market.

 

"Just a decade ago, our net imports were 60 percent of total demand. Now, they're 20 percent," said Yergin. U.S. oil production, in fact, was half of what it is now a decade ago, during the financial crisis in 2008. But the high oil prices of 2008 were also the catalyst that propelled the U.S. shale industry, which has used evolving new technologies to extract oil from places once thought impossible."



Hopefully this will lead to lower gas prices. Lower gas prices help everyone.



Mother nature isn't happy about this



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Experts warn it could bring down fuel prices? What is the warning for? Be careful! Your about to save money at the tank!!! Danger, Danger!



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CaptainExplosion said:

Does this mean it's America's turn to be invaded? =P

Perfect opportunity now. We are losing our gun rights. 



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