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U.S. about to become globe's top oil producer - IEA

Published 02/27/2018, 07:27 AM
© Reuters.  U.S. about to become globe's top oil producer - IEA
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  • We've come a long way since Jimmy Carter told us to turn down our thermostats and throw on an extra layer while lounging around the house.
  • According to the IEA's Fatih Birol, the U.S. for sure by 2019, and maybe even this year, will surge past Russia as the world's top oil producer. U.S. output topped 10M barrels per day for the first time in more than 40 years last year, and Birol doesn't expect it to peak until 2020 (and from there to remain steady for a couple of more years).
  • Crude this morning is modestly lower at $63.65 per barrel. USO -0.45% premarket
  • Now read: EIA's U.S. Production Growth Forecast Revised Higher, But Still Too Conservative


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