• US oil output surge 'reminiscent' of run-up to 2014 crash

    Updated:
    PARIS (AP) - A leading energy watchdog says that the boom in U.S. oil production is reminiscent of the rise in output that eventually led to the 2014 crash in crude prices.

    The International Energy Agency, a policy adviser to countries, says in its monthly report that "in 2018, fast rising production in non-OPEC countries, led by the U.S., is likely to grow by more than demand."

    A recent, steady increase in the price of oil has seen more U.S. producers in particular come back on line. That's because U.S. shale oil extraction requires higher selling prices to break even than production in states like Saudi Arabia.

    The Paris-based IEA said Tuesday that the current situation is "reminiscent" of a wave of U.S. shale growth that preceded the 2014 crash in energy prices.

    Next Up:


  • Headline Goes Here

    US oil output surge 'reminiscent' of run-up to 2014 crash

  • Headline Goes Here

    FBI seeks to thwart major cyberattack on Ukraine

  • Headline Goes Here

    France's Macron takes on Facebook's Zuckerberg in tech push

  • Headline Goes Here

    French government orders evacuation of Paris migrant camps

  • Headline Goes Here

    Turkish central bank raises key rate and helps lift currency