The United States has briefly become the world’s No. 1 oil\nexporter as record shale production finds its way to global customers, and\nthere are possibilities for going even further.<\/p>\n\n\n\n
The International Energy Agency said in a report citing the\ntotal export figures that the rise in production of oil shale helped America\nship nearly 9 million barrels per day of crude oil and oil products in June,\nexceeding Saudi Arabia. There is scope to send more supplies abroad as\ncompanies add infrastructure to transport booming production from fields in\nTexas and New Mexico to the coast.<\/p>\n\n\n\n
The increases in the US supply are undermining the efforts\nof the Organization of Petroleum Exporting Countries (OPEC) and its allies,\nwhose production cuts are in their third year in an attempt to drain\ninventories. US production inflation, as well as growing concerns about global\ndemand fueled by the prolonged US-China trade war, brought Brent benchmark down\nnearly 20% from its April high.<\/p>\n\n\n\n
The expansion in US exports in June was helped by a rise in\ncrude shipments to more than 3 million barrels per day, the agency said. At the\ntime, Saudi Arabia was cutting exports as part of the OPEC + agreement, while\nRussian flows were constrained by the Druzhba pipeline crisis.<\/p>\n\n\n\n
The agency said the Saudis regained the place of exporters\nin July and August, affecting US production and that the trade dispute ”\nmade it more difficult for shale shipments to find markets,”<\/p>\n\n\n\n
The fight for the No 1 spot could continue to be fairly\ntight in the coming months. As Saudi Arabia continues to limit production, the\nInternational Energy Agency said US crude oil exports could rise another 33%\nfrom June levels to 4 million barrels per day as new export infrastructure is\nbuilt in the fourth quarter of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The United States has briefly become the world’s No. 1 oil exporter as record shale production finds its way to global customers, and there are possibilities for going even further. The International Energy Agency said […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,71,42,36,34,114,48,24,131,41,44,95,72,10,58,57,70,47,86,80,23,45,46,109,85,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1339"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1339"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1339\/revisions"}],"predecessor-version":[{"id":1341,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1339\/revisions\/1341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1340"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}