# U.S. could overtake Saudi, Russia to become global oil leader this year - Financial Post

> The International Energy Agency said US oil output growth is extraordinary and could match global demand growth in 2018. It projects the US could overtake Saudi Arabia and Russia as the largest producer by year-end.

- Date: 2018-02-13 · published 2018-02-13T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/66426-u-s-could-overtake-saudi-russia-to-become-global-oil-leader-this-year-financial
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Strong US supply growth that may outpace demand could build inventories and pressure crude prices. Lower crude costs also reduce diesel and fuel expenses for the feed supply chain.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-09-10 | [Oil prices fall as growing U.S. stockpiles signal bumpy demand recovery \| Financial Post](https://feedsoft.ai/events/7477-oil-prices-fall-as-growing-u-s-stockpiles-signal-bumpy-demand-recovery.md) | +5.6% | +4.8% |
| WTI | 2018-04-26 | [Citi Says U.S. May Become World's Top Oil Exporter Next Year - Bloomberg](https://feedsoft.ai/events/65668-citi-says-u-s-may-become-world-s-top-oil-exporter-next-year-bloomberg.md) | -0.1% | +5.6% |
| WTI | 2020-10-30 | [OPEC oil output rises by 210,000 bpd in October-survey \| Financial Post](https://feedsoft.ai/events/50549-opec-oil-output-rises-by-210-000-bpd-in-october-survey-financial-post.md) | +7.3% | +26.5% |
| WTI | 2020-07-31 | [OPEC oil output rises by 970,000 bpd in July - survey \| Financial Post](https://feedsoft.ai/events/52008-opec-oil-output-rises-by-970-000-bpd-in-july-survey-financial-post.md) | +5.2% | +7.7% |
| WTI | 2023-03-14 | [OPEC sees improved Chinese oil demand more than offset by resilient Russian output \| S&P Global](https://feedsoft.ai/events/36772-opec-sees-improved-chinese-oil-demand-more-than-offset-by-resilient-russian.md) | -9.5% | +9.1% |
| BRENT | 2020-09-10 | [Oil prices fall as growing U.S. stockpiles signal bumpy demand recovery \| Financial Post](https://feedsoft.ai/events/7477-oil-prices-fall-as-growing-u-s-stockpiles-signal-bumpy-demand-recovery.md) | +3.3% | +2.3% |
| BRENT | 2018-04-26 | [Citi Says U.S. May Become World's Top Oil Exporter Next Year - Bloomberg](https://feedsoft.ai/events/65668-citi-says-u-s-may-become-world-s-top-oil-exporter-next-year-bloomberg.md) | -0.9% | +7.2% |
| BRENT | 2020-10-30 | [OPEC oil output rises by 210,000 bpd in October-survey \| Financial Post](https://feedsoft.ai/events/50549-opec-oil-output-rises-by-210-000-bpd-in-october-survey-financial-post.md) | +8.3% | +27.9% |

## Sources

- financialpost.com: https://financialpost.com/energy/update-1-surge-in-global-oil-supply-may-overtake-demand-in-2018-iea/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.