U.S. oil output to overtake Saudi Arabia, Russia

U.S. crude oil production will surpass the 10 million barrels per day (MMBPD) mark this year, overtaking Saudi Arabia and rivalling Russia, the International Energy Agency (IEA) said Friday in its monthly oil report. The Paris-based agency has previously said the U.S. will be the future “undisputed leader” in oil and gas for years to come. Executive general Fatih Birol said in a televised interview Friday the main driver for the country’s energy dominance is, without a doubt, the shale revolution. Future plans to expand offshore drilling in the U.S. may only exacerbate such a position, Kallanish Energy learns.-- More...