FILE PHOTO: A general view of the Amuay refinery complex which belongs to the Venezuelan state oil company PDVSA in Punto Fijo, Venezuela November 17, 2016. REUTERS/Carlos Garcia Rawlins/File Photo
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The United States are set to overtake Saudi Arabia as the world's number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said Friday.Crude recently rose above $70 per barrel for the first time since 2014 after OPEC and non-OPEC countries agreed to extend their combined cutbacks until the end of this year.Since the United States is not a party to the deal, its shale production can continue uninhibited.In its own montly market report published on Thursday, the Organization of Petroleum Exporting Countries had said that the global oil market was moving closer to reaching a healthy balance between supply and demand.
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