IEA Says U.S. Oil Output to Exceed Imports for the First Time in 18 Years

Reuters reported that the U.S. Energy Information Administration said the country’s oil production is set to exceed imports since 1995. Currently, the United States oil output has surged to over 7million bpd.

As quoted in the market news:

Since late 2010, a combination of higher production and falling demand has slashed the need for imports from just under 10 million bpd to less than 8 million bpd, EIA data shows.

Click here to read the full Reuters report.