News Brief | November 2013
US to soon overtake Russia as top oil producer
The spike in US production will allow total non-OPEC supply to grow by an average of 1.7 million barrels per day in 2014, peaking at 1.9 million in the second quarter, the highest annual growth since the 1970s. The United States will become the world's largest oil producer next year overtaking Russia thanks to its shale oil boom, which has transformed the global energy landscape. The prediction comes only days after estimates by the US government showed the United States, the world's largest oil consumer, has ceded its ranking as top global oil importer to China, thanks to the shale revolution cutting import needs.