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IEA Closes Saudi Arabia to Become World's Best Exporter, IEA Says



Worker goes through an oil production facility owned by Parsley Energy in the Permian Basin near Midland, Texas, August 23, 2018

Nick Oxford | Reuters

The International Energy Agency (IEA) expects the US to challenge Saudi Arabia's position as a leading oil exporter in the world after briefly overtaking the OPEC kingdom to claim the top spot earlier this year.

"The boom in shale production has allowed the US to close and briefly outperform Saudi Arabia as the world's best exporter of oil," the IEA said in a closely watched monthly report Thursday.

"The installation of the necessary pipelines and terminals is ongoing, ensuring the continuation of the trend."

The United States has momentarily surpassed Saudi Arabia as a leading oil exporter in June, after crude exports jumped over 3 million barrels per day ( b / e), the IEA announced on Thursday. This increased the total exports of raw materials and products to nearly 9 million pcs. / D.

At the same time, Saudi Arabia reduced both its exports of crude and refined products.

The oil-rich kingdom won first place in July and August as the United States was hit by storms. The ongoing trade dispute has also hampered shale supply in the US to find markets in recent months, the IEA said.

"Energy domination"

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

Speaking to CNBC in Abu Dhabi earlier this week, US Deputy Secretary of Energy stated that President Donald Trump "often talks about energy domination."

"The world often asks: what does this mean? It just means that we will produce as much energy as we can, as purely and as profitably as possible."

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

Over the last decade, the United States has exceeded twice its oil production by 1

2.3 million barrels per day, making it the largest oil producer in the world.

I t seems ready to flood the oil market with even harsher pressures on prices at a time when the market is already struggling to cope with oversupply.

Oil prices

The Brent International Reference Oil traded at $ 61.05 a barrel on Thursday morning, up about 0.4%, while US West Texas Intermediate (WTI) was up $ 56.04, above 0.5%.

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

The IAEA stated that in the last three months of the year, the US "is expected to build additional export infrastructure, which should allow up to 4 million b / d in crude exports. "

" With the expansion of production greatly, can the question of US export price sellers be attractive enough to conquer international markets? ", the Energy Agency added.

Demand projections unchanged

The IEA has left its oil demand growth forecasts for oil demand growth h unchanged at 1.1 million b / d in 2019 and 1.3 million b / d for 2020

These projections are based on the assumption that there will be no further deterioration of the economic climate and trade disputes.

Oil demand growth will be "significantly higher", aided by the relatively low base in the second half of 2018, lower oil prices than before

On Wednesday, OPEC downgraded its oil demand growth forecast for a second consecutive month.

The group, which is composed of some of the most powerful oil producing countries. worldwide, reduced its forecast for global oil demand growth for the remainder of this year to 1.02 million bp. This was reduced by 80,000 bps from its August forecast

In 2020, OPEC said, sees world oil demand rise by 1.08 million b / d. Output of 60,000 b / d of assessment from the previous month.

OPEC attributes the decline to weaker-than-expected economic data in the first half of the year and deteriorating growth forecasts for the remainder of 2019. [19659029]
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