U.S. Beats Saudi Arabia to Become Top Oil Exporter on Shale Boom
September 12th, 2019Via: Bloomberg:
The U.S. briefly became the world’s No. 1 oil exporter as record shale production found its way to global customers, and there are prospects for more.
Surging output from shale helped America ship almost nine million barrels a day of crude and oil products in June, surpassing Saudi Arabia, the International Energy Agency said in a report, citing gross export figures. There’s room to send even more supply overseas as companies add infrastructure to transport the burgeoning production from fields in Texas and New Mexico to the coast.
This was unthinkable a decade ago
I wonder how long this will last? Shale-oil plays peak and decline very quickly compared to conventional-oil plays.