[London, 12th Reuters]-According to a monthly report released by the International Energy Agency (IEA) on the 12th, the US temporarily overtook Saudi Arabia to become the world's largest oil exporter in June.
IEA pointed out that prices have fallen against the backdrop of a sufficient supply of crude oil, and that global demand has overcome economic headwinds. “Oil prices have fallen by about 20% compared to a year ago, helping consumers.”
"With the expansion of shale production, the United States has approached Saudi Arabia, the world's largest exporter, and in June, crude oil exports exceeded 3 million barrels a day, temporarily overtaking Saudi Arabia."
IEA has deferred global demand forecasts for 2019 and 20 years to 1.1 million and 1.3 million barrels per day, respectively.
He added that the recovery of production in the US after the occurrence of the hurricane “Drian” and the significant growth in production in Brazil and the North Sea are expected to boost production by non-OPEC member countries.
IEA predicts that production growth in non-OPEC member countries will be 2.3 million barrels a day in 20 years, an increase of 400,000 barrels from 19 years. On the other hand, OPEC member countries' demand for crude oil was forecast to be 28.3 million barrels in the first half of 2008, 1.4 million barrels below the August production.