The U.S. is set to overtake Russia as the world's largest producer of oil and natural gas, according to global data released by the Wall-Street Journal.

Russia has struggled to maintain its energy output and fully utilize technology available that has helped American reserves.

"This is a remarkable turn of events," said Adam Sieminski, head of the U.S. Energy Information Administration in a press statement. "This is a new era of thinking about market conditions, and opportunities created by these conditions, that you wouldn't in a million years have dreamed about."

The U.S. is on pace to pass Russia as the world's biggest producer of oil and gas combined by the end of this year.

The EIA and the International Energy Agency said the U.S. produced the equivalent of approximately 22 million barrels a day of oil, natural gas, and related fuels in July, according to the Wall-Street Journal.

Neither agency has data for Russia's gas output for the last year, but Moscow's forecast for 2013 oil-and-gas production figures to be approximately 21.8 million barrels a day.

U.S. imports of natural gas and crude oil have fallen 32 percent and 15 percent, respectively, in the last five years, which helped reduce the U.S. trade deficit.

Oil prices remain high, closing on Oct. 9 at $104.10 a barrel, up 18 percent from the same time last year.

"The dollars needed have never been larger," said Maynard Holt, co-president of Houston-based investment bank Tudor, Pickering Holt & Co. "But the money is truly out there. The global energy capital river is flowing our way."

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