WWL First Business: Oil production at historic highs

January 19, 2018 - 1:53 pm

Jennifer Kushinka Reporting...

Surging U.S. crude oil production this year is expected to surpass output in Saudi Arabia and rival that of Russia, the world’s two largest oil producers. The International Energy Agency says U.S. crude production will likely climb above 10 million barrels a day this year, an all-time high not seen since 1970. The IEA raised its outlook for U.S. crude supply this year by 260,000 barrels a day, to a record 10.4 million barrels a day, largely a result of the recent rally in crude prices. 

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