The International Energy Agency expects the U.S. to overtake Russia as the world's largest liquid fuels producer outside the Organization of Petroleum Exporting Countries in the third quarter. The U.S. is anticipated to produce a total of 11.2 million barrels per day in oil and natural gas liquids and biofuels for the quarter, compared with Russia's figure of 10.81 million barrels per day, IEA said in its report. The increase is spurred by the shale production boom and stronger biofuel supplies.

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