U.S. expected to become world’s top oil producer next year
The U.S. has nosed ahead of Saudi Arabia and is on pace to surpass Russia to become the world’s biggest oil producer for the first time in more than four decades.
The latest forecast from the U.S. Energy Information Administration predicts U.S. output will grow next year to 11.8 million barrels per day.
“If the forecast holds, that would make the U.S. the world’s leading producer of crude,” says Linda Capuano, who heads the agency, a part of the Energy Department. Saudi Arabia and Russia could upend that forecast by boosting their own production. In the face of rising 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 the run-up in prices. The United States led the world in oil production for much of the 20th century, but the Soviet Union surpassed America in 1974.