Surging U.S. crude oil production this year is expected to surpass output in Saudi Arabia and rival that of Russia, the world’s two largest oil producers, the International Energy Agency said Friday.
Boosted by a resurgent shale industry, U.S. crude production will likely climb above 10 million barrels a day in 2018, an all-time high not seen since 1970, the agency said in its closely watched monthly oil market report. The IEA raised its outlook for U.S. crude supply this year by 260,000 barrels a day, to a record 10.4 million barrels a day, largely a result of the recent rally in crude prices.
The Bear Market Rally Of Oct22-Mar24 Is Over
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The bear market rally which began on October 13, 2022 with an intraday low
of 3,492 topped on March 28, 2024 with an intrday high of 5,265. From top
to bot...
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