A shale oil boom in the U.S. is helping to create a glut in supply, putting pressure on OPEC to cut production.
The U.S. briefly overtook Saudi Arabia to become the world's top oil exporter thanks to its expanding shale production, said the International Energy Agency , adding that the global market is heading towards a"significant surplus" in the coming months.
At the same time, the U.S. shale oil industry is booming. In August, U.S. oil production set its record of 12.
U.S. President Donald Trump has repeatedly needled OPEC over the price of oil, urging its member countries to increase their production. Trump argues that oil prices are too high. In its September report, OPEC noted that slower economic growth would hamper demand for oil in the next year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US is closing in on Saudi Arabia to become the world's top oil exporter, IEA saysThe International Energy Agency (IEA) expects the U.S. to challenge Saudi Arabia's position as the world's leading oil exporter.
Read more »
U.S. briefly overtakes Saudi Arabia as top oil exporter: IEAGlobal oil demand is weathering economic headwinds, the International Energy Age...
Read more »
Saudi Arabia says deeper OPEC cuts will be considered in December, calls for better complianceSaudi Arabia's newly appointed energy minister said the country would keep overcomplying with production cuts and deeper cuts would be discussed at OPEC's next full meeting.
Read more »
New Saudi energy minister calls for OPEC 'cohesiveness'ABU DHABI, United Arab Emirates (AP) — Saudi Arabia's new energy minister on Thursday reiterated calls for 'cohesiveness' in OPEC ahead of a key meeting in Abu Dhabi. 'To achieve market...
Read more »
Saudi energy minister says every country should comply with OPEC+ oil output cutsEvery country should comply with oil output cuts, Saudi Arabia's energy min...
Read more »
Russia, Saudi agree everyone should implement OPEC+ deal: Ifax cites NovakRussian Energy Minister Alexander Novak said on Wednesday that he and Saudi Arab...
Read more »