A worker walks through an oil production facility owned by Parsley Energy in the Permian Basin near Midland, Texas, August 23, 2018.
Nick Oxford | Reuters
The International Energy Agency (IEA) expects the U.S. to challenge Saudi Arabia‘s position as the world’s leading oil exporter, after briefly overtaking the OPEC kingpin to claim the number one spot earlier this year.
“Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world’s top oil exporter,” the IEA said in its closely-watched monthly report on Thursday.
“The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues.”
The U.S. momentarily surpassed Saudi Arabia as the leading oil exporter in June, after crude exports surged above 3 million barrels per day (b/d), the IEA said Thursday. That lifted total exports of crude and products to nearly 9 million b/d.
At the same time, Saudi Arabia cut back on both crude and…