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The U.S. Overtook Saudi Arabia And Russia To Become The World's Biggest Producer Of Oil

"Brent crude headed for its biggest weekly decline in six months as Libya prepared to resume exports from two terminals and Iraq's crude production remained unaffected by violence. West Texas Intermediate fell for a seventh day, the longest retreat since 2009."

"The U.S. overtook Saudi Arabia and Russia to become the world's biggest producer of oil, Bank of America Corp. said. U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today."

"WTI may extend its slide next week amid speculation that production from Iraq's south will continue, according to a Bloomberg News survey. Fourteen of 31 analysts and traders, or 45 percent, forecast futures will drop while six respondents predicted a price gain."

http://www.bloomberg.com/news/2014-07-03/wti-crude-heads-for-second-weekly-drop-as-supply-concerns-wane.html