By Reuters Jul 11, 2018 6:49:09 AM IST (Updated)
Output rose 5.6% last year and is expected to grow 15.4% this year. If the forecasts are realized, that will make the United States the world's largest crude producer, surpassing Russia.
US crude oil production is expected to average more than 12 million barrels per day late next year for the first time ever, the US Energy Information Administration said in a monthly report on Tuesday.
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US 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 United States the world's largest crude producer, surpassing Russia.
"Production growth in the United States, Brazil, Canada, and Russia will make up the majority of total global supply growth in 2019," EIA Administrator Linda Capuano said in a statement after the report was released.