America to Lead the World in Oil

Is America's energy independence day approaching? According to the International Energy Agency, the U.S. will overtake Russia to become the world’s largest oil producer by 2023.

U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from this year. American oil output will surge past Russia, currently the world’s largest crude producer at about 11 million barrels a day.

Of the 6.4 million new barrels of oil that will be pumped every day between now and 2023, almost 60 percent will come from the U.S., the IEA said. American influence on global oil markets is also expected to rise, with U.S. oil exports more than doubling to 4.9 million barrels a day by 2023. Until 2015, the U.S. didn’t export any crude oil by law, but in five years it is expected to be among the world’s biggest exporters.