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Home / Business / The United States closes for Saudi Arabia to become the world's top exporter, says the IEA

The United States closes for Saudi Arabia to become the world's top exporter, says the IEA



A worker goes through an oil production plant owned by Parsley Energy in the Permian Basin near Midland, Texas, August 23, 2018.

Nick Oxford | Reuters

The International Energy Agency (IEA) expects the United States to challenge Saudi Arabia's position as the world's leading oil exporter, following a brief bypass of the OPEC kingpin to claim its first place earlier this year.

allowed the US to shut down and briefly capture Saudi Arabia as the world's top oil exporter, "the IEA said in its closely monitored monthly report on Thursday.

" The installation of necessary pipelines and terminals continues in time, which will ensure the trend continues. "

The United States immediately surpassed Saudi Arabia as the leading oil exporter in June, after crude exports rose above 3 million barrels per day (b / d), the IEA said on Thursday, raising total crude oil and product exports to nearly 9 million

At the same time, Saudi Arabia cut both crude oil and refined product exports.

The oil-rich kingdom regained its top position in July and August, when the United States was hit by hurricane disruptions. find markets in recent months, the IEA said.

& # 39; Energy dominance & # 39;

The Paris-based energy agency's monthly report comes at a time when the United States is actively pursuing "energy dominance," regardless of what happens to oil prices.

In a talk with CNBC in Abu Dhabi earlier this week, US Secretary of Energy said President Donald Trump "often talks about energy dominance."

one often asks: what does that mean? It just means that we are going to produce as much energy as we can, as clean as we can and as affordable as we can. "

" And what happens to the world price of oil, whatever happens to the world price of whatever, electricity, it really doesn't matter, so be it, "said Dan Brouillette.

For the past decade, The US more than doubled its oil production to 1

2.3 million barrels a day, making it the world's largest oil producer.

In Now, there seems to be a flood to flood the oil market with even more crude, putting pressure on prices at a time when the market is already struggling to cope with excessive supply.

Oil prices

International benchmark Brent Crude Oil traded at $ 61.05 a barrel Thursday morning, up around 0.4%, while the US West Texas Intermediate (WTI ) stood at $ 56.04, more than 0.5%.

Brent futures have fallen more than 18% from a peak reached in April, with WTI down over 15% over the same period.

IEA said that during the last three months of the year, the United States "is expected to see a further rollout of items port infrastructure that would allow up to 4 million barrels per day of raw exports. "

" As production expanded sharply, is the question of whether US crude export sales are attractive enough to capture international markets? "added the Energy Agency.

Demand Demand Unchanged

The IEA left its oil demand growth forecast for oil demand unchanged at 1.1 million fd / day for 2019, and 1.3 million fd / di 2020.

It based these estimates on the assumption that there would be no further deterioration in the economic climate and trade conflicts.

Oil demand growth will be "significantly higher" aided by a relatively low base in the second half of 2018, lower oil prices compared to a year ago and an addition to petrochemical capacity, the IEA said.

OPEC on Wednesday revised down its forecast for oil demand growth for the second consecutive month.

The group, which consists of some of the world's most powerful oil-producing nations, cut the forecast for global oil demand growth for the rest of the year to 1.02 million barrels per day, down from 80,000 fd / d from the August estimate.

In 2020, OPEC said it sees that Demand for oil increases by 1.08 million Fd. This marked a downward adjustment of 60,000 fd / d from last month's assessment.

OPEC attributed the downward adjustment to weaker-than-expected financial data in the first half and worsened growth estimates for the remainder of 2019. [19659029]
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