The United States has become the world’s largest oil exporter for the first time amid the wars in Ukraine and Iran, Reuters writes.
That has changed an order that had taken shape over decades: Saudi Arabia and Russia dominated the oil market, while the United States itself depended heavily on supplies from the Middle East.
The shift began after 2010, when U.S. production of oil and gas from shale formations rose sharply. The country first became the world’s largest gas producer, then its largest oil producer.
Military conflicts accelerated the change in the market balance. The U.S. war with Iran disrupted oil exports from Saudi Arabia, while Russian oil supplies have been hit by Ukrainian drone strikes and sanctions.
In May, the United States remained the world’s largest oil exporter for the third consecutive month, shipping 10.5 million barrels a day. By comparison, Russian exports stood at 7 million barrels a day, while Saudi Arabia exported 5.9 million barrels.