US briefly overtakes Saudi Arabia as the world's top oil exporter

Posted Thursday, 12 September 2019 ‐ CNN

London (CNN Business)Booming shale production helped the United States briefly overtake Saudi Arabia and Russia to become the world's top oil exporter for the first time earlier this year.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 OPEC 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. Led by shale, US production has more than doubled over the past decade. Drilling innovations have opened up huge swaths of new resources, allowing the United States to pump more oil than any other country."With production expanding strongly, the question is can sellers of US crude price exports attractively enough to capture international markets," the Paris-based IEA said in a report.The IEA, which monitors energy supplies for the world's richest nations, said that US exports were limited in July and August by hurricanes and the Trump administration's trade war with China. But the agency expects the United States to challenge again for the title of top exporter."The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues," the agency said in its report. Oil 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 1.1 million barrels per day in 2019 and 1.3 million barrels per day next year. Matt Egan contributed to this article.

Other articles published by CNN

Posted Tuesday, 28 January 2020 ‐ CNN

New York (CNN Business)J. Crew has turned to an executive from another struggling brand, Victoria's Secret, to lead its turnaround. Jan Singer will become J. Crew's new CEO, the company said Tuesday.Singer became Victoria's Secret chief executive in...

Posted Tuesday, 28 January 2020 ‐ CNN

New York (CNN Business)Starbucks has closed more than half of its roughly 4,300 Chinese stores, as the deadly coronavirus continues to spread in the country. The company said Tuesday it is continuing to "monitor and modify the operating hours of all of...

Posted Tuesday, 28 January 2020 ‐ CNN

Miami (CNN)This doctor has one of the most important jobs in Super Bowl LIV, but he's not part of the team's medical staff.Instead, Laurent Duvernay-Tardif, who earned his doctor of medicine degree from McGill University in Canada in 2018, plays right...

Posted Tuesday, 28 January 2020 ‐ CNN

(CNN)Hundreds of people were evacuated from high-rise buildings near downtown Miami after a powerful earthquake in the Caribbean Sea on Tuesday. Several buildings in Miami were shaking Tuesday but no injuries or structural damage has been reported, Miami ...

Posted Tuesday, 28 January 2020 ‐ CNN

(CNN)A threat that is even more furious than you've seen in eight other films is coming. What, exactly, is that? Michelle Rodriguez doesn't give specifics in the new teaser trailer for "Fast & Furious 9," but it sounds ominous. More details, perhaps, ...

Posted Tuesday, 28 January 2020 ‐ CNN

(CNN)A growing number of GOP senators are now acknowledging that President Donald Trump may have leveraged US military aid to Ukraine in exchange for an announcement of investigations that could help him politically -- but they contend that even that...

Posted Tuesday, 28 January 2020 ‐ CNN

New York (CNN Business)It appears iPhone sales really are on the mend. Apple (AAPL) posted what it calls an "all-time record" earnings for the three months ending December — with quarterly revenue of $91.8 billion, up 9% from the same period last year...

Posted Tuesday, 28 January 2020 ‐ CNN

Muscatine, Iowa (CNN)Joe Biden had a question for the crowd gathered to see him in Muscatine, Iowa, on Tuesday: "Did anyone see what your senator, Joni Ernst, did yesterday?"The former vice president was referring to comments made by Ernst, who told...

Posted Tuesday, 28 January 2020 ‐ CNN

Washington (CNN)Almost all the major players on Capitol Hill have lamented that these are dangerous times in Washington. But if you want to know why -- it depends who you ask.President Donald Trump's lawyers gave their reasons on Tuesday, as they wrapped ...

Posted Tuesday, 28 January 2020 ‐ CNN

Washington (CNN)President Donald Trump's attorney Alan Dershowitz on Tuesday shot back at Sen. Elizabeth Warren after the Massachusetts Democrat assailed his presentation in Trump's Senate impeachment trial as hard to follow and tweeted that his argument ...

Posted Tuesday, 28 January 2020 ‐ CNN

New York (CNN Business)Ben Smith, the former political blogger who built BuzzFeed News into a digital powerhouse, announced Tuesday that he is leaving the website and joining The New York Times as the newspaper's media columnist."It's been the privilege...

Posted Tuesday, 28 January 2020 ‐ CNN

Washington (CNN)The federal deficit is projected to keep rising over the coming decade, driving US debt to the highest level since World War II over the next 10 years, according to a Congressional Budget Office report released Tuesday. The annual...

Posted Tuesday, 28 January 2020 ‐ CNN

New York (CNN)Facebook, Ford and other high-profile companies have told their employees not to travel to China as the deadly coronavirus continues to spread.The Wuhan outbreak has claimed more than 100 lives and caused corporations across China to shut...

Posted Tuesday, 28 January 2020 ‐ CNN

(CNN)Senior White House adviser Jared Kushner made the case for President Donald Trump's Middle East plan Tuesday, praising the relationship his father-in-law has with Israel and admonishing Palestinians not to blow their "big opportunity.""What you've...

Posted Tuesday, 28 January 2020 ‐ CNN

(CNN)Pete Buttigieg's presidential campaign acknowledged on Tuesday that it has, over the course of several months, responded to concerns from minority staffers about key decisions made in the campaign and its overall culture of inclusion.The...