Russia's oil fields will be pumping less than the U.S. by the middle of 2014, according to the International Energy Agency.
The International Energy Agency estimates U.S. production of oil and natural gas liquids will exceed 11 million barrels per day, making it the biggest producer outside OPEC, by the second quarter of next year.
U.S. total liquids output, excluding biofuels, exceeded 10 million barrels per day for the first time in decades in the second quarter of 2013.
Output is expected to hit 10.4 million barrels in the third quarter, according to the IEA's latest monthly oil market report.
That compares with total Russian output of about 10.9 million barrels per day in September, a level the IEA estimates will be maintained through next year.
Massive investment in the production of shale gas has driven the U.S. supply boom - in large part thanks to new technologies such as hydraulic fracking - that have made the extraction of oil and gas from shale rock commercially viable.
The boom means China is likely to have surpassed the U.S. as the world's biggest importer of oil this month.
Overtaking Russia will bring the U.S. a step closer to becoming the world's biggest oil producer. Last year, the IEA forecast America would take the crown from Saudi Arabia by 2020, and would become energy independent 10 years later.
Saudi Arabia currently produces around 10 million barrels of crude oil each day. The IEA doesn't calculate future output for Saudi Arabia, or any OPEC members, because the cartel set their own production levels.
And based on estimated spare capacity at current production rates, the Middle East nation could boost its output to a little over 12 million barrels of oil each day -- outpacing rising energy players like America.
|November jobs report: Unemployment falls to 7%|
|Fast food worker: Protest didn't cost me pay|
|2 million Facebook, Gmail and Twitter passwords stolen in massive hack|
|Where should you put your money now?|
|Premarkets: Stocks looking stronger before jobs report|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.52%||4.38%|
|15 yr fixed||3.54%||3.42%|
|30 yr refi||4.51%||4.37%|
|15 yr refi||3.53%||3.41%|
Today's featured rates: