Soaring domestic production levels means the U.S. is ready to pass both Saudi Arabia and Russia to reclaim the title of the world’s biggest crude oil producer.
The U.S. Energy Information Administration made the forecast and predicts that U.S. output will grow next year to 11.8 million barrels a day.
In the face of fluctuating global oil prices, members of the OPEC cartel and a few non-members including Russia agreed last month to ease production caps that had contributed to ramping prices.
In March, the International Energy Agency made the same prediction, observing American oil production will soar over the next five years, supplying much of the world’s growing demand for oil.
As a result, U.S. production will supply around 80 percent of the increased global supply of oil, which the IAE sees rising 6.4 million barrels per day to 107 million barrels a day.
Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!
— Donald J. Trump (@realDonaldTrump) June 30, 2018