Is The Global Top Oil Producer? Essay

943 Words 4 Pages
Thirdly, America emerged as the global top oil producer. Although the U.S hardly exports crude oil, its importation lessened, creating huge supply in spare. Finally, the Gulf and Saudis allies had decided not to restore the plummeted oil prices at the expense of their own share in the market. Although they are more than capable of sharply curbing the production, only the countries they particularly detest would enjoy the benefits such as Russia and Iran (E.L, 2015).
With the domestic production of oil in the United State doubling over the previous six years, its oil imports had significantly dropped leaving massive supply it used to import to find a different home. As a result, countries such as Nigeria, Algeria and Saudi Arabia that once sold oil to the U.S suddenly began competing for Asian oil markets forcing the producers to drop their prices. Several indicators; nevertheless, pointed that oil production had begun again to plummet in the U.S as well as other oil producing countries due to their drop in exploration stashing (Krauss, 2015).
Another contributing factor to shortage in global demand for oil is the growing shifting from oil to other better fuels. The largest oil buyers including China and U.S have in the recent years made significant investments in increasing their productions in clean energy which comprise renewable energy and thus cutting off their oil importations. China has increased its investments in clean and renewable energy by 32 percent,…

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