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Economy News

The Economic Times

Economy / The Economic Times

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In new crude world order, US is largest exporter of crude

America's ascendancy to the top spot marks a stunning reversal for a country that was dependent on West Asian oil for decades and suffered from an oil embargo imposed by some OPEC members in 1973 to retaliate against US support for Israel. US fortunes began to change after 2010, when oil and gas output from its shale formations soared, first making it the world's top gas and then the world's top oil producer.

12 Jun 2026 1:28 am