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US firmly on course to become world's top oil producer next year; noses ahead of Saudi Arabia for first time in 4 decades

Firstpost Saturday, 14 July 2018 ()
The U.S. has nosed ahead of Saudi Arabia and is on pace to surpass Russia to become the world's biggest oil producer for the first time in more than four decades. The latest forecast from the U.S. Energy Information Administration predicts that U.S. output will grow next year to 11.8 million barrels a day.
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News video: Oil Down 3% As Market Sees Saudi Increase

▶ Oil Down 3% As Market Sees Saudi Increase 00:33

Reuters/Heinz-Peter Bader Oil prices fell more than 3% on Monday. Saudi Arabia looks poised to shoot for record output. Analysts say Russia could also raise production more than previously expected. President Donald Trump has pressured the unofficial leader of the Organization of Petroleum Exporting...

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