The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer.
The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts.
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 barrels per day (b/d) off the market from the start of January.
