Record-breaking oil production from the US has left OPEC with its lowest crude market share in nearly a decade

Markets Insider ^ | 12/14/23 | Phil Rosen

[Freest Republican]

It’s also slowing economy.

It took years to get back to pre-pandemic production and absent Biden’s war on fossil fuels, US production would be higher.

Similar under Obama, it is despite them.

[vpintheak]

Not in Alaska. We’re still getting the shaft!

[ealgeone]

North GA.

[NorthMountain]

$2.95 in western Virginia.

[dennisw]

Great news!

[Owen]

KSA and Russia have reduced output.

Guyana . . . God knows why that is even mentioned. It’s only a few hundred K bpd. I can think of 10 or 20 other countries producing more than that.

It is not US supply increase, but rather the reduction in KSA and Russia output, that increases share.

Global C&C is actually down since 2018. Most of that is voluntary cuts from OPEC+, but down it is.

Understand the numbers. Millions of barrels/day are important. 10s of thousands of barrels/day . . . noise on the signal.

[MMusson]

Not last week. Biden sold off more of the SPR last week.

[Daveinyork]

There is an election next year.

[mewzilla]

Because we’re exporting so much product.

[mewzilla]

From last week...

https://oilprice.com/Energy/Crude-Oil/Growing-US-Oil-Exports-Put-Lasting-Pressure-on-Prices.html

[BrandtMichaels]

#.15/gal in central IN - last weekend.

[BrandtMichaels]

3.15/gal - dohhh

[FLT-bird]

Of course it does. Guyana signed a huge contract with Exxon. Their oil and gas production is set to take off.

[Rlsau1]

The restrictions will come when OPEC ups their payments to the right pockets in Washington. Nothing in this country occurs in a vacuum.

[bert]

The problem I foresee is that Biden will campaign on his severe and successful efforts to fight the Saudis and lower gas prices.

[gibsonguy]

It came out about a month ago. I don’t recall the details. The article did say it allow them to claim record oil production so here we are and it’s another lie

[SunkenCiv]

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[Vaduz]

Huge volumes of US oil production..........

Why are our strategic oil reserve supply tanks empty.

Keep turning the BS grinder boys we have them convinced.

[Fuzz]

I’ve been unable to find any information on that. A barrel is still the same right?