Dubai – Masaader News
U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from this year, said the International Energy Agency.
American oil output will surge past Russia, currently the world’s largest crude producer at about 11 million barrels a day. According to The Wall Street Journal.
The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday..
The IEA’s closely watched five-year forecast showed the U.S. hitting new strides in its oil and gas boom, helped by technological advances, improved efficiency and a fragile recovery in oil prices that is encouraging shale companies to ramp up their drilling.