The US will soon beat Russia to the title of world’s biggest oil producer, the International Energy Agency (IEA) announced on February 27, 2018.
The US will definitely overtake its rival next year, but could even achieve the feat in 2018, as the country’s shale output continues to surge, IEA executive director Fatih Birol was cited as saying by Reuters at an event in Tokyo.
«US shale growth is very strong, the pace is very strong … The United States will become the No.1 oil producer sometime very soon,» Fatih Birol said.
U.S. output exceeded 10 million barrels per day late last year for the 1st time since 1970 and is expected to surpass 11 million barrels per day by the end of 2018. The production increase in the U.S. directly counteracts OPEC’s production cuts which are aimed at keeping prices higher.
The latest figures released last Thursday from the EIA put U.S. production at 10.27 million barrels per day, slightly more than Saudi Arabia’s current output, and just under Russia’s output.