International Energy Association (IEA) reported booming U.S. output will offset falling exports from Iran and Venezuela.
Oil prices rose by more than 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market.
The Gulf Coast is being battered by strong winds and heavy rains courtesy of Tropical Storm Gordon, which hit the Louisiana-Alabama-Mississippi coastline Tuesday night. As the storm approached land, the winds increased speeds and threatened to be categorized as a fully-fledged hurricane. Meteorologists are predicting up to 1 foot of rain and inland flooding from Mississippi to Arkansas.
There’s been a lot of talk about the U.S. increasing its domestic crude oil production for the sake of exportation, but where exactly is that crude oil being shipped to? A large portion of the exports will be going to the world’s fifth-largest oil importer, South Korea. South Korean imports of U.S. crude are expected to hit all-time highs in September and October, with 6 million barrels coming in each month.