US To Overtake Russia As World's Top Oil Producer In 2014

News: The US is set to overtake Russia's as the world's top oil producing nation in Q214, according to a new report by the International Energy Agency (IEA) cited by Reuters. As a result of the country's shale boom, sparked by the evolution of hydraulic fracturing technology, the US is currently producing at a rate of 10mn barrels of oil per day (b/d) and has drastically reduced petroleum imports as a result, leaving China as the world's biggest oil importer. The Organisation for Economic Co-operation and Development has estimated that US liquids production will reach an average of 11mn b/d in 2014, surpassing Russia's 10.86mn, hence the IEA's prediction.

This article is tagged to:
Sector: Oil & Gas
Geography: United States, China, Russia

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