UPDATED 9:57 AM PT — Fri. January 19, 2018
The U.S. is on track to become one of the world’s top two oil producing nations in 2018.
On Friday, the International Energy Agency said American crude oil production output is expected to be higher than Saudi Arabia’s this year.
U.S. oil production is also expected to be close to Russia’s, the world’s leading producer.
According to the agency, American oil production is at it’s highest in almost five decades and will surpass 10 million barrels a day.
The agency specifically estimates the U.S. will produce an all time high of 10.4 million barrels of oil a day in 2018.
The global demand for oil this year is predicted to rise over a million barrels a day.