U.S. may challenge oil market share of Russia and Saudi Arabia

U.S. may challenge oil market share of Russia and Saudi Arabia

The U.S. crude output could soon challenge the market share of Saudi Arabia and Russia, the International Energy Agency (IEA) said.

"While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its leadership as the world's number one crude producer," the statement reads.

"By the middle of the year, U.S. crude output will probably be more than the capacity of either Saudi Arabia or Russia," CNBC cited the statement as saying.

U.S. crude production has soared in recent months, rising by more than 2 million b/d to an unprecedented 11.9 million b/d.

Alongside Russia and nine other nations, top oil exporter Saudi Arabia struck a deal with the rest of OPEC in December to keep 1.2 million b/d off the market from the start of January.

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