The U.S. will hold on to its position as the world’s largest oil producer for the remainder of this year, according to Bank of America Corp. Via Bloomberg, U.S. production of 11 million barrels per day of crude in the first quarter of 2014 — driven primarily by booming shale oil extraction in Texas and North Dakota — surpassed all other countries.
U.S. oil production is expected to reach 13.1 million barrels per day in 2019, according to the International Energy Agency. IEA forecasts the U.S. will lose its No. 1 position in the 2030’s.
