Energy Markets Have ‘Ready Supply’ of Oil as U.S. Boosts Exports

Source: By Anthony Dipaola, Bloomberg • Posted: Monday, October 28, 2019

Global energy markets have “a ready supply” of oil as the U.S. boosts production and exports and continues to seek deals to sell its crude and natural gas, Energy Secretary Rick Perry said.

The increase in U.S. production and exports helped ease the price spike after attacks on Saudi oil infrastructure last month, Perry told reporters during a briefing in Dubai. The attack was “Iranian” and was increasing interest among regional countries to seek alternative oil export routes and security measures, he said.

Perry will be visiting Saudi Arabia in the coming week and he intends to discuss selling U.S. liquefied natural gas to the Middle Eastern state and that country’s efforts to develop a nuclear program.

The boom in oil and gas production from shale fields has pushed the U.S. to become one of the world’s largest producers and enabled it to become a net energy exporter in recent weeks.