Current U.S. oil production is already its highest in 50 years at about ten million barrels a day.
But a new report from the International Energy Agency claims that oil production in the U.S. could reach 17 million barrels a day by 2023.
The report says the elevated volume of production would effectively cap worldwide oil prices at 65 dollars a barrel.
That would be bad news for OPEC and other major longtime oil-exporting nations. The report says the U.S., Canada, Brazil, and Norway could meet all the world’s oil needs by five years from now.