U.S. crude oil production is this year set to exceed the output of Saudi Arabia for the first time in the modern era, according to the International Energy Agency. The Wall Street Journal reports that U.S. production is also expected to hit more than 10 million barrels per day for the first time since 1970. “This year promises to be a record-setting one for the U.S.,” the agency said, noting that in 2017, the American shale industry “beat all expectations” thanks to “cost cuts, stepped up drilling activity, and efficiency measures enforced during the downturn.” In 2017, Russia produced approximately 11 million barrels per day.
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