World ‘Awash’ in Oil As U.S. Sees Its Shale Boom Barreling Ahead - Bloomberg

World ‘Awash’ in Oil As U.S. Sees Its Shale Boom Barreling Ahead - Bloomberg:

Global markets are “awash” in crude thanks to the surge in U.S. oil output, and the boom looks set to continue, U.S. Energy Secretary Rick Perry said in a Bloomberg TV interview.

U.S. 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 on Sunday in Dubai.

Oil and natural gas from American shale fields have made the U.S. 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 U.S. liquefied natural gas and Saudi efforts to develop a nuclear power program. Perry held talks in the United Arab Emirates and visited the country’s largest solar-power facility at a site near the U.A.E.’s commercial hub of Dubai.