According To IEA Dominance of US In Oil Market Is Getting Bigger

    According To IEA Dominance of US In Oil Market Is Getting Bigger

    If there’s one thing which makes a country more powerful, then it’s influencing oil reserves, and currently, the US is dominating the oil sector. According to the International Energy Administration, the US is going to be a key player in the Oil industry and even if OPEC does not believe it some decisions of US still affects on the international crude oil market. Last week in Vienna the meeting of OPEC and non-OPEC producers had held in which the US was not present, but still one can see the influence of the big nation in that meeting. According to IEA right now Russia, Saudi Arabia and the USA are those countries which control more than 40% of total oil reserves, and the influence of USA is getting more prominent since the state has decided to increase the production of oil from last few years.

    President Trump has already criticised OPEC for overproduction of oil and controlling oil prices, but many other members also think the same about the US because of its growing dominance over the oil market. However, according to the IEA, The US has improved their situation without anyone’s help, and according to the report, the imports of oil in the USA has drastically decreased from last few years which indicate that the country is now became self-dependent in oil production. As the production of oil has increased in the USA, many OPEC members are getting fierce competition from the USA.  

    Even if the US has become one of the biggest oil producers in the world, the country is still one of the biggest consumers of the oil. So if the state like the US wants to maintain its dominance in the oil market, they will have to find more ways to produce oil and consume less of it because otherwise, it will be hard for the country to maintain their high position in the global market.