Wednesday, May 24, 2017

US Oil Producers Increase Oil Production To Offset Opec, Russia Cuts

From The Wall Street Journal, "How American Shale Drillers Flipped OPEC’s Script: U.S. output has surged since production deal, leaving cartel with little choice but to extend cuts" by Lynn Cook:
When the cartel reached a landmark deal in November to curtail production to bolster crude prices, it was betting U.S. shale drillers would be too weak to step in and fill the void. It was wrong.
U.S. oil output has surged since the OPEC deal, and is now on pace to exceed 9.9 million barrels a day in 2018, a record, according to the U.S. Energy Information Administration.
Source: The Wall Street Journal

While OPEC, Russia and others have struggled to curb their output by a combined 1.8 million barrels a day since their agreement was announced in November, the U.S. is pumping 750,000 barrels a day more. That has put American production at 9.3 million barrels a day, a level not seen since the summer of 2015, according to federal data.


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