North America’s shale oil boom has started to squeeze Saudi Arabian oil out of the U.S. market in the same way it did with West African crude, the West’s energy agency said on Thursday. The International Energy Agency also predicted a flood of U.S. gasoline exports to world market. “In recent years, surging light tight oil production has backed out U.S. imports of West African crude, which are now moving to Asia,” the IEA said in a monthly report. “Saudi exports seem to be showing the beginning of a similar shift,” it said, estimating that Saudi exports have likely run below 7 million barrels per day for the last four months, their lowest level since September 2011. “Exports to the U.S. led the drop amid rising Saudi domestic demand for crude burn and […]