US Surpassed Saudi Arabia, Russia To Become World's Top Oil Exporter | WHAT REALLY HAPPENED

US Surpassed Saudi Arabia, Russia To Become World's Top Oil Exporter

The US has once again surpassed Saudi Arabia and Russia to reclaim the No. 1 spot as the world's largest oil exporter, according to data from the International Energy Agency.

Record shale production helped the US ship nearly 9 million barrels of crude and other oil products a day in June, surpassing Saudi Arabia, Bloomberg reports. And as more companies build the infrastructure necessary to transport oil from fields in Texas and New Mexico to the coast, the amount of oil exported by the US is expected to climb.

The increase in US crude exports in June was helped by a surge in crude-oil shipments to more than 3 million barrels a day, according to the IEA report. Meanwhile, Saudi Arabia was cutting exports in line with the OPEC+ agreement on production cuts, while Russia's output was hampered by the Druzhba pipeline crisis.

As OPEC members adhere to an agreement to cut production for the third year, swelling US output is hampering the cartel's effort to drain stockpiles and 'rebalance' the global energy market in a way that drives up prices.

Webmaster's Commentary: 

Because I didn't know about the aforementioned Russian oil crisis, I researched it, and this is what I found:

Russia loses billions in Druzba Oil Pipeline Contamination Crisis The article goes on to state:

'Since April 20th nearly 5 million tons of Russian crude bound for Europe has been stuck in westbound pipelines. The flow of oil is suspended due to high levels of contamination by organochloride, a chemical used to facilitate the extraction of heavy oil. The organic chloride contaminant – which wreaks havoc on refining equipment if not properly treated – allegedly originated from a privately owned refinery called Nikolayeva in Russia’s Samara Region along the Volga river.

The contaminated oil was being shipped via the Druzhba (Friendship) pipeline which boasts an impressive 1 million barrels per day capacity, or 1% of total global crude demand.'

Was this an horrific accident... or deliberate industrial sabotage?!? We may never be privy to the whole story here, but that being said, these are the kinds of "chained events" which can wreak catastrophe on a country's economy.

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