United States oil production is at an all-time high.
As shown by this Yahoo! Finance chart, for the first time in history, the output of crude oil in the U.S. has topped 12 million barrels a day.
U.S. Oil Output Tops 12 Million Barrels a Day for First Time. https://t.co/G7l9vJ9KLP pic.twitter.com/TcsEDh5jpT
— Nick Short 🇺🇸 (@PoliticalShort) June 30, 2019
And there is no sign of this trend slowing anytime soon.
A government report on Friday showed U.S. production grew 2.1% in April to 12.16 million barrels a day.
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At the same time, trade disputes and escalating tensions in the Persian Gulf have clouded the outlook for the Organization of Petroleum Exporting Countries, which is expected to extend current output cuts next week.
US is becoming top oil producer…. https://t.co/SkcKbLahmS
— Roosevelt (@rooseveltjf) June 28, 2019
The increasing supply from the U.S. has caused Russia and Saudi Arabia, as part of OPEC, to reduce their overall output of oil.
Russia says pact with Saudi Arabia to cut crude exports could extend for six to nine months https://t.co/ffkUostXYX
— The Wall Street Journal (@WSJ) June 29, 2019
And there’s another oil producer that may end up slashing its production as well … Iran.
OPEC set for oil cut extension if Iran endorses pact https://t.co/A9zineQ8XI pic.twitter.com/FIhbQy8nlH
— Reuters Business (@ReutersBiz) June 30, 2019
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