World ‘awash’ in oil as US sees its shale boom barrelling ahead

Bloomberg

Global markets are “awash” in crude thanks to the surge in US oil output, and the boom looks set to continue, US Energy Secretary Rick Perry said in a Bloomberg TV interview.
US shale production has turned the world “on its head,” and Goldman Sachs Group Inc. is “off a bit” in a report last week saying that the bonanza is fading, Perry said.
Oil and natural gas from American shale fields have made the US one of the world’s largest producers and enabled it to become a net energy exporter. Perry will travel in the coming week to Saudi Arabia to discuss possible sales of US liquefied natural gas and Saudi efforts to develop a nuclear power program.
The world needs to be prepared for attacks disrupting the global economy, and the US, Saudi Arabia and other allies are discussing the safety of oil supply routes, he said. Aerial strikes against Saudi oil facilities on September 14 temporarily knocked out half of the kingdom’s output, and the US is currently doing enough to help Saudi Arabia defend against such attacks in the future, Perry said.
The US is “making progress” with its Middle East foreign policy, while efforts to impeach Trump won’t be an issue in the US presidential election next year and will go away in six months, Perry said.