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Home Business & Finance
US Treasury Yields Fall As Oil Prices Decline

United States Emerges as World’s Top Oil Exporter, Overtaking Saudi Arabia, Russia

Ayobami OwolabibyAyobami Owolabi
5 months ago
in Business & Finance
Reading Time: 2 mins read
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The United States has become the world’s largest exporter of oil, overtaking long-time leaders Saudi Arabia and Russia in a major shift that is reshaping global energy markets.

The development marks a dramatic reversal for a country that once relied heavily on imported oil, particularly from West Asia, and was previously affected by the 1973 oil embargo imposed by some OPEC members.

America’s rise in global energy dominance began around 2010, driven by a surge in shale oil and gas production. The boom first pushed the country to become the world’s leading natural gas producer before later overtaking others in oil output as well.

The shift has been further influenced by global disruptions, including reduced Saudi exports linked to the ongoing US-Iran conflict and declining Russian shipments due to sanctions and attacks linked to the war in Ukraine. These developments have strengthened America’s position as a key global supplier.

Data from ship-tracking services shows US crude and fuel exports reached about 10.5 million barrels per day in May, making it the top global exporter for the third consecutive month. In comparison, Russia exported around 7 million barrels per day, while Saudi Arabia recorded about 5.9 million barrels per day during the same period.

Experts say the change gives Washington a new strategic advantage in global energy politics.

“Washington has a new tool they didn’t realize they had before the Iran war – energy exports,” said Michelle Brouhard, head of policy at a shipping data firm.

The new position could weaken the influence of the Organization of Petroleum Exporting Countries and its allies, who have traditionally controlled global oil pricing.

The shift also comes as OPEC faces internal changes, including the reported exit of a key member in recent months.

Analysts note that the United States’ growing energy dominance adds to its existing geopolitical leverage, alongside its military strength and the global influence of the US dollar.

Tags: Businessfederal characterForeign NewsNewsOil ExporterRussiaSaudi ArabiaUnited States
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Ayobami Owolabi

Ayobami Owolabi

Owolabi Ayobami is an emerging entertainment journalist, dedicated to delivering the latest scoop on Nollywood, music, and celebrity culture. With a keen eye for detail and a passion for storytelling, he brings fresh insights and perspectives to the entertainment beat.

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