U.S. oil production is booming – and will surpass energy powerhouses Saudi Arabia and Russia later this year.
According to the International Energy Agency (IEA), the U.S. is expected to produce more than 10 million barrels of oil per day this year. Based on anticipated numbers for 2018, that should be enough to make the United States the number one oil producer in the world.
In 2016, the United States was the third largest oil producer, behind Russia and Saudi Arabia.
“The United States is set to become the undisputed leader of oil and gas production for many years to come, which has huge implications,” explained Fatih Birol, executive director of the IEA.
In addition to taking the oil crown this year, Birol predicts the U.S. will become the biggest exporter of liquified natural gas sometime in the next decade. By the end of the 2020s, he also believes the United States will be officially a net exporter of oil.
AAN Staff
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