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IEA States US Supremacy In Oil Markets Going To Get Superior

The U.S. may have been left out from the summit amid the OPEC (Organisation of the Petroleum Exporting Countries) and non-OPEC manufacturers in Vienna in the last week but the country’s authority over global oil markets is going to be stronger, the IEA (International Energy Agency) stated in its recent report. The IEA said in its statement that though the U.S. was absent in Vienna, nobody could overlook its increasing control. The three giants of oil—Saudi Arabia, Russia, and the U.S.—whose total liquids productivity now includes about 40% of the international total, proves their dominance.

President Trump has constantly bashed the OPEC for its control over oil prices, at times demanding it to manufacture more oil and then asking the cartel to leave its production alone. The U.S. has become a leading competitor in the oil market; however, it is placed among the largest oil producers globally, due to its shale oil revolution. According to the U.S. EIA (Energy Information Administration), in November the U.S. was a net exporter of crude oil and products for the first time ever since 1991. In 2018, US’ net imports were 3.1 million barrels per day, whereas, 10 Years ago, before the shale revolution, the figure was 11.1 million barrels per day, the IEA said.

On a similar note, recently, the OPEC was also in news as the organization along with its allies concurs to trim oil production by 1.2 million barrels per day. The top oil manufacturers have reached an agreement to reduce oil production and amplify the market, subsequent to 2 Days of exhausting negotiations and in spite of conflict from President Donald Trump. The OPEC settled the contract with allied oil-producing realms counting Russia, at its headquarters in Vienna, Austria.