The U.S. might have been left out from the big summit between OPEC and non-OPEC producers in Vienna last week but the country's influence over global oil markets is only going to get stronger, the International Energy Agency (IEA) stated in its latest report.
"While the U.S. was not present in Vienna, nobody could ignore its growing influence," the IEA said in its December report, published Thursday. "Last week's meeting reminded us that the Big Three of oil – Russia, Saudi Arabia and the United States – whose total liquids production now comprises about 40 percent of the global total, are the dominant
players," the IEA said.
When OPEC and non-OPEC producers met last week in Vienna to hammer out a deal to cut their oil production there was an uninvited, but unavoidable, presence at the summit: The U.S.
President Trump has repeatedly criticized OPEC for its dominance over oil prices, at times asking (usually via Twitter) it to produce more oil and then telling the cartel to leave its production well alone. Iran joked last week that the U.S. wanted to join OPEC as it appeared keen to influence the meeting's outcome.
The U.S. has become a dominant competitor in oil markets in its own right, however, and has taken a place among the world's largest oil producers, thanks to its shale oil revolution.