American drillers will pump enough oil in 2019 to potentially surpass Saudi Arabia's output and rival the world's current top producer, Russia, according to a forecast from the U.S. Department of Energy.
The department's Energy Information Administration forecast Tuesday that U.S. oil production will average 10.8 million barrels a day in 2019, a level that would put it on par with Saudi Arabia and Russia. EIA expects American output to top 11 million barrels a day for the first time ever in November 2019.
This year, EIA sees U.S. output rising to 10.3 million barrels a day, the highest ever annual average production.
"Led by U.S. production, particularly in the Permian Basin, and new oil sands projects in Canada, non-OPEC production is forecast to continue growing through the end of 2019," EIA acting Administrator John Conti said in a statement.
"We expect to see growth near 2.0 million barrels per day in 2018 and 1.3 million barrels per day in 2019."Click here to read more.
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