Soaring U.S. Crude Oil Production Highlights OPEC’s Quandary

U.S. crude output is accelerating, highlighting OPEC’s dilemma as the cartel reins in its own production to revive prices.

Crude supply will average 12.41 million barrels a day this year and 13.2 million in 2020, the U.S. Energy Information Administration said on Tuesday, up more than 300,000 barrels a day from the previous month’s estimates. The latest short-term energy outlook “puts the nation on track to set a new production record for a third consecutive year,” EIA Administrator Linda Capuano said in a statement.
more at source: https://www.bloomberg.com/news/articles/2019-02-12/soaring-u-s-crude-oil-production-highlights-opec-s-quandary

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