The U.S. is poised to take the title of world’s largest oil producer this year. According to the latest report from the International Energy Agency (IEA), “this year promises to be a record-setting one for the US,” with the potential of surpassing the output of Saudi Arabia and Russia. The rapid increase in U.S. production is due in large part to the booming shale industry. The IEA’s report suggests that U.S. crude production could exceed 10 million barrels a day this year, raising its outlook by 260,000 barrels a day.
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