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Saudi Arabia remains key to oil prices, despite U.S. production surge

While U.S. oil production has increased sharply in the last five years, crude from Saudi Arabia still influences global prices and will for some time, panelists said Wednesday at a forum on energy markets.

The international oil market still depends heavily on Middle East oil exports, and a sudden disruption to its supply in Saudi Arabia would have broad implications for the U.S., said Amy Myers Jaffe, executive director of energy and sustainability at the University of California at Davis.