Energy ministers from some of the world's largest oil producers will attempt to ratify a deeper round of output cuts on Friday.
OPEC+ has reduced output by 1.2 million b/d since the beginning of the year. The current deal, which runs through to March 2020, replaced a previous round of production cuts that began in January 2017.
The energy alliance was prompted to act after global oil prices tumbled in mid-2014 due to an oversupply, but U.S. shale producers are not a part of the deal and shale oil supply has grown exponentially. The U.S. is now the world's largest oil producer hitting 12.3 million b/d in 2019, according to the U.S. Energy Information Administration, up from 11 million b/d in 2018. It produces more oil than Saudi Arabia and Russia now, although there are signs that production growth is slowing in the States.
Along with rampant shale supply, faltering demand due to a global economic slowdown, exacerbated by the Sino-U.S. trade war, has once again threatened to unbalance oil supply and demand dynamics.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC gearing up for deeper oil cuts, Russia yet to agreeOPEC is gearing up to deepen oil supply cuts later this week but still needs to ...
Read more »
Here are 5 major storylines to follow heading into the big OPEC meeting this weekOPEC's bi-annual meeting kicks off Thursday in Vienna. Here's what to watch.
Read more »
Asian shares up as trade optimism lingers, oil firm on OPEC+ output cutAsian stocks gained on Friday as investors took heart from U.S. President Donald...
Read more »
OPEC considers deeper output cuts as global growth slowsPrices have held relatively steady since the last OPEC meeting, with a barrel of Brent crude hovering around the $60 mark, apart from a spike in September sparked by attacks on Saudi oil installations.
Read more »
Oil rises, U.S. crude trading near two-month high after OPEC cutOil edged up in early Asia trade on Friday, with U.S. crude trading near a two-m...
Read more »