A global energy agency says that U.S. oil production is booming and is forecast to top that of heavyweights Saudi Arabia and Russia this year.
The International Energy Agency said in its monthly market report released Friday that U.S. oil production, which has already risen to its highest level in nearly 50 years, will push past 10 million barrels a day as higher prices entice more producers to start pumping.
It says that “this year promises to be a record-setting one for the U.S.”
Meanwhile, global growth in demand for oil is forecast to remain unchanged at 1.3 million barrels a day. That’s mainly due to the impact of higher oil prices and as consumers switch to other types of energy, like natural gas.