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USA Becomes World Largest Oil Producer, Ousts Saudi Arabia
According to data released by Energy Information Administration (EIA) on Wednesday,the U.S. crude oil production hit 11.6 million bpd, indicating a 22.2 percent rise just this year.
EIA reports show that the US has surpassed both Russia and the Saudi who pumps an average of 10.8million bpd and about 10.5million bpd respectively.
The EIA also anticipates an increase in oil output to 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.