PARIS (AP) — U.S. oil production is booming and is forecast to top that of heavyweight Saudi Arabia and rival Russia this year, a global energy agency said Friday.

The International Energy Agency said in its monthly market report that U.S. oil production, which has already risen to its highest level in nearly 50 years, will push past 10 million barrels a day in 2018 as higher prices entice more producers to start pumping.

"This year promises to be a record-setting one for the U.S.," it said.

The price of crude has risen about 50 percent since June, with the U.S. benchmark now trading around $6...