United States is expected to beat Saudi Arabia and become world’s biggest liquid petroleum producer

Saudi Arabia will likely see the United States surpass it as the biggest liquid petroleum producer in the world, it has been reported.

The change may happen this week, according to The Times, which pointed out that the shift would end Saudi Arabia’s twenty-year streak as the biggest producer.

The United States now produces nearly 12million barrels each day, as opposed to 8million barrels three years ago, the newspaper reported.

On Monday, the head of the west’s energy watchdog said the vast majority of shale oil in the United States is produced at costs far below the current price of crude, which means U.S. projects can withstand the market slump squeezing other producers…