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US to overtake Saudi as crude oil producer
[GEO.TV] The United States are set to overtake Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... as the world's number two oil producer after Russia this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said on Friday. "This year promises to be a record-setting one for the US," the IEA wrote in its monthly market report. Crude production of 9.9 million barrels per day (bpd) in the US was now at the highest level in nearly 50 years, "putting it neck-and-neck with Saudi Arabia, the world's second largest crude producer after Russia," the IEA said. "Relentless growth should see the US hit historic highs above 10 million bpd, overtaking Saudi Arabia and rivalling Russia during the course of 2018 - provided OPEC/non-OPEC restraints remain in place," it said. Posted by: Fred 2018-01-21 |
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