U.S. overtook OPEC's Saudi Arabia as world's top oil exporter, market heading for 'significant surplus': IEA

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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.

 

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That's right folks, we export it. The winners? Big oil who pay a pittance to drill leases and then sell the oil on the open global market to the highest bidder. Adding insult to injury, they've bought access to our Public Lands and coast lines from corrupt elected officials.

MAGA2020

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Then why are gas prices so high in California? The oil companies are very quite here in Calif. don’t want to rock the boat, it’s full of money! Just back from Texas, check out the auto gas prices there!!!

Why are US gas prices not cheap?

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