Reuters | Staff
EIA forecasts US will be the world’s largest crude oil producer.
U.S. crude oil production is expected to average more than 12 million barrels per day late next year for the first time ever, the U.S. Energy Information Administration (EIA) said in a monthly report on July 10. U.S. oil production has soared, boosted by improved technology for tapping shale formations. Output rose 5.6% last year and is expected to grow 15.4% this year. If the forecasts are realized, that will make the U.S. the world’s largest crude producer, surpassing Russia.
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