News

US Surpassed Saudi Arabia, Russia To Become World’s Top Oil Exporter

The US has once again surpassed Saudi Arabia and Russia to reclaim the No. 1 spot as the world’s largest oil exporter, according to data from the International Energy Agency.

Record shale production helped the US ship nearly 9 million barrels of crude and other oil products a day in June, surpassing Saudi Arabia, Bloomberg reports. And as more companies build the infrastructure necessary to transport oil from fields in Texas and New Mexico to the coast, the amount of oil exported by the US is expected to climb.

The increase in US crude exports in June was helped by a surge in crude-oil shipments to more than 3 million barrels a day, according to the IEA report. Meanwhile, Saudi Arabia was cutting exports in line with the OPEC+ agreement on production cuts, while Russia’s output was hampered by the Druzhba pipeline crisis.

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