The U.S. is set to become the world’s largest producer of liquid petroleum, with output likely to exceed Saudi Arabia’s this month or next for the first time since 1991. U.S. production of oil and related liquids such as ethane and propane was level with Saudi Arabia in June and again in August at about 11.5M barrels a day, according to the International Energy Agency. U.S. crude production in August was still lower than both Saudi Arabia and Russia.
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