US set to overtake Saudi Arabia as world number two crude oil producer, Rivals Russia

The United States is set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday.

“This year promises to be a record-setting one for the US,” the IEA wrote in its monthly market report.

Crude production of 9.9 million barrels per day (bpd) in the US was now at the highest level in nearly 50 years, “putting it neck-and-neck with Saudi Arabia, the world’s second-largest crude producer after Russia,” the IEA said.

“Relentless growth should see the US hit historic highs above 10 million bpd, overtaking Saudi Arabia and rivalling Russia during the course of 2018 -– provided OPEC/non-OPEC restraints remain in place,” it said.

Culled from PUNCH