U.S. briefly overtakes Saudi Arabia as top oil exporter - IEA

Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world's top exporter. "With oil prices currently about 20% lower than a year ago, there will be support for consumers," the IEA said in its monthly report.

"Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world's top oil exporter ... in June, after crude exports surged above 3 million barrels per day."