US to overtake Saudi Arabia, Russia to become top oil producer in 2019

US to overtake Saudi Arabia, Russia to become top oil producer in 2019
Date: 14-02-2018 Time: 12:02:30:pm

The United States will overtake Saudi Arabia and Russia next year to become the world’s largest oil producer.

Surging output from its shale fields boosted output by 846,000 barrels per day in just the three months to November last year. 

The country is on course to jump from third largest producer to global leader.

Making the prediction in a report on Tuesday, the International Energy Agency added: ‘All the indicators that suggest continued fast growth in the US are in perfect alignment.’

US producers have revolutionised their industry over the past decade, plundering shale rock and speeding up drilling techniques to become less dependent on foreign imports.

The IEA warned the increase in output would ramp up pressure on industry cartel Opec – of which the US is not a member. 

Recent predictions suggest US output will grow by 8m barrels per day by 2025, the strongest growth in the history of crude markets.

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