While the title of No. 1 exporter passed back to Saudi Arabia in July and August, the United States' brief reign reflects its new status as one of the world's most influential energy producers.
US exports of crude topped 3 million barrels per day in June, according to the International Energy Agency, pushing its total oil exports to nearly 9 million barrels per day. Saudi Arabia, meanwhile, cut back on exports of crude and other energy products as part of a longstanding
effort to boost prices. Russian exports were constrained by problems with a pipeline that delivers oil to central and eastern Europe.While the title of No. 1 exporter passed back to Saudi Arabia in July and August, the United States' brief reign reflects its new status as one of the world's most influential energy producers. The Eagle Ford crude oil tanker sails out of the dock in Corpus Christi, Texas.Led by shale, US production has more than doubled over the past decade.
is stuck in retreatOil prices have stumbled in recent months due to concerns about weak demand for energy driven by the trade war and a global economic slowdown.The US Energy Information Administration dimmed its outlook for oil consumption on Tuesday due to concerns about the economy. It now expects demand growth this year to be the weakest since at least 2011.The IEA maintained its estimates for global demand growth on Thursday, saying it expects an increase of 1.
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