Report: U.S. could surpass Saudi Arabia in oil production

A new report from the International Energy Agency on Friday shows U.S. oil production is expected to hit historic highs in 2018.

Oil prices have been on the rise since the middle of last year. The report shows U.S. production could surpass Saudi Arabia production, possibly hitting $10 million a barrel a day. That would also put the U.S. close to Russian output. 

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The report also predicts 2018 could be a volatile year for the oil market. 

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On Friday, the price of crude closed at almost $64 a barrel. This is after the more than three year high we saw earlier this week when it closed at more than $64 a barrel.

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