IEA Says U.S. Will Become Top Oil Producer by 2023

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Here’s a metric Americans should start paying attention to: barrels per day.

The U.S. is expected to pass Russia as the world’s No. 1 oil producer by 2023, according to a report from the International Energy Agency (IEA). Total U.S. supply will increase by 3.7 million barrels per day, which is enough to account for almost 60% of global growth.

What is the U.S. doing right? It used the 2014 crash in oil prices as a call to action. Producers developed more efficient methods of extracting shale oil from deposits like the Permian Basin in West Texas and New Mexico (think Friday Night Lights territory).

What is everyone else doing wrong? The IEA says investment outside of the U.S. has mostly been embarrassing, specifically pointing a finger at OPEC for low output. And with demand for oil still on the rise (h/t China and India), a supply squeeze could be on the horizon.