The US could become the oil world’s new king in 2018 as it was poised to ramp up crude oil production by 10 per cent to about 11 million barrels per day, according to a report.
The report by research firm Rystad Energy on Wednesday said surging shale oil output should allow the US to dethrone Russia and Saudi Arabia as the planet’s leading crude oil producer, reports CNN.
The US has not been the global leader, nor ahead of both Russia and Saudi Arabia, since 1975.
“The market has completely changed due to the US shale machine,” said Nadia Martin Wiggen, Rystad’s vice president of markets. Read More…