U.S. crude output set to pass Saudis and rival Russia: report

An offshore oil platform
Photo: Julie Dermansky / Corbis via Getty Images

The International Energy Agency predicted Friday that the U.S. will surpass Saudi Arabia in crude output this year and will challenge Russia as the world's top producer on the back of "explosive" growth in shale production.

Why it matters: While the report is consistent with existing production forecasts, it nonetheless starkly underscores how the U.S. has upended global markets in recent years.