The International Energy Agency (IEA) expects the U.S. to challenge Saudi Arabia's position as the world's leading oil exporter.
"Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world's top oil exporter," the IEA said in its closely-watched monthly report on Thursday.
"The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues." The U.S. momentarily surpassed Saudi Arabia as the leading oil exporter in June, after crude exports surged above 3 million barrels per day , the IEA said Thursday. That lifted total exports of crude and products to nearly 9 million b/d.The oil-rich kingdom reclaimed the top spot in July and August, as the U.S. was affected by hurricane disruptions. The ongoing trade dispute also made it difficult for U.S. shale shipments to find markets in recent months, the IEA said.
"And whatever happens to the world price of oil, whatever happens to the world price of whatever, electricity, it doesn't really matter, then so be it," Dan Brouillette said.
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