According to the International Energy Agency, the United States is expected to pass Saudi Arabia this year and challenge Russia as the world’s leading oil producer.
Surging shale production could push U.S. oil output to more than 10 million barrels a day — surpassing a record set in 1970.
This oil boom gives the United States an edge in energy production and international diplomacy.
CGTN’s John Terrett reports.
Follow John Terrett on Twitter @JT4CGTN
- Francisco Monaldi is a fellow in the Center for Energy Studies at Rice University’s Baker Institute.
- Brian Scheid covers oil policy as a senior writer for S&P Global Platts.
- Carl Larry is a commodities market specialist with Thomson Reuters in New York.
- Gawdat Bahgat is a political science professor at National Defense University.
Surge in US oil production is "reminiscent" of the period before the 2014 crash in crude prices, says International Energy Agency https://t.co/gejCiHX4Sr
— AP Business News (@APBusiness) February 13, 2018
US oil production is growing faster than the rest of the world: Liberty Oilfield Service Chairman https://t.co/9n6f37IKYe
— FOX Business (@FoxBusiness) February 7, 2018