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The growing U.S. clout in oil markets

A fracking rig
A large fracking operation in Loveland, Colorado. Photo: Helen H. Richardson/The Denver Post via Getty Images

U.S. crude oil production is expected to surpass 11 million barrels per day late next year, the Energy Information Administration says in its short-term energy outlook.

Why it matters: The forecast, while consistent with rising U.S. output thanks to the shale boom, nonetheless highlights how the U.S. has again become a powerful force in global crude oil markets and a major challenge to big petro-states.

  • As CNBC points out here, the projection that U.S. oil production will average 10.8 million barrels per day next year would put the country's output on par with Russia and Saudi Arabia.