Saudi Arabia to remain oil exporting kingpin says IEA boss

Author: 
Arab News
ID: 
1548166480802921500
Tue, 2019-01-22 17:16

LONDON: Saudi Arabia will remain the largest global oil exporter
for years to come despite the growth of the US oil sector,
according to the chief of the International Energy Agency
(IEA).

IEA Executive Director Fatih Birol told the World Economic Forum
in Davos that despite a rapidly changing global energy sector, the
Kingdom would remain a key player.

But he added that the importance of the US shale sector should
not be underestimated as it had been in the past.

“The Middle East and especially Saudi Arabia will remain the
largest exporter of oil for many years to come,” he told an
energy panel at the annual gathering of global political and
business leaders in the Swiss mountain resort.

Official data from Saudi Arabia released on Monday showed the
Kingdom’s crude oil exports in November rose to 8.235 million bpd
from 7.7 million in October.

“The US produce a lot of oil but most of the time they use
that at home for domestic purposes. So even though US is now a very
important oil producer, the Middle East will remain the largest
exporter of oil.

“But for this year, 2019, let’s pay special attention to US
shale once again because some of the observers last year I think
made wrong assumptions and underestimated US shale growth,” said
Birol.

The huge growth of the US shale oil industry has transformed the
energy landscape in the US, which until last month had been a net
importer of oil for the last 75 years.

Oil prices fell nearly 2 percent on Tuesday, pushed lower by
signs of a slowdown in China.

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Source: FS – All-News-Economy
Saudi Arabia to remain oil exporting kingpin says IEA boss