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US became the world’s no.1 oil exporter in June

13/09/2019
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The USA exported more oil than Saudi Arabia in June, officially taking over as the world’s no.1 oil exporter.

The US was the leading exporter of oil in June 2019, and is expected to continue increasing its exports in the following months

The data from the International Energy Agency shows that the increase was led by the surging output from shale. Crude oil topped 3 million barrels per day in June, pushing the total oil exports to nearly 9 million barrels per day.

Though the country only remained in top place briefly - Saudi exports exceeded the US’s in July and August - it signals ongoing growth for America with the prospect for more to come.

Growing production from fields in Texas and New Mexico will continue providing further output for export, with companies adding additional infrastructure in the area to improve transportation. It’s thought that the completion of much of this infrastrcuture in the fourth quarter of this year could allow American crude exports to rise by a further 33% from June levels to reach as much as 4 MMbpd.

"The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues," the report stated.

Exports fell slightly in July and August due to disruption in US production caused by hurricanes, as well as the ongoing trade dispute with China, allowing Saudi Arabia to once again claim the top spot. 

However Saudi Arabia is going through a process of cutting exports as part of the OPEC+. 

Depending on how America reacts to its trade dispute, there could be strong potential for the country to soon become the world’s leading oil exporter on a longer-term basis.

"With production expanding strongly, the question is can sellers of US crude price exports attractively enough to capture international markets,"

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US became the world’s no.1 oil exporter in June - Time to read 2 min
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