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U.S. Oil Output Expected To Surpass Saudi Arabia

US oil production to pass Saudi Arabian
U.S. oil production has surged leading into 2018.

Rivaling Russia for the title of leader in oil production, the United States is expected to surpass Saudi Arabia in output, a country who has long been one of the world’s biggest producers of crude.

According to The Wall Street Journal, “Boosted by a resurgent shale industry, U.S. crude production will likely climb above 10 million barrels a day in 2018, which would top the high set in 1970, the agency said in its closely watched monthly oil market report. The IEA raised its outlook for U.S. crude supply this year by 260,000 barrels a day, to a record 10.4 million barrels a day, largely a result of the recent rally in crude prices.”

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