US Oil Boom Puts Pressure on OPEC and Global Prices
US oil production is projected to continue booming in 2024, potentially reaching a record high of 13.3 million barrels per day. This surge in supply could put pressure on Saudi Arabia to regain control over crude prices. Exxon Mobil and Chevron are increasing their capital expenditure budgets for 2024, investing more in the Permian Basin. While some experts suggest that Saudi Arabia may flood the market with supply to depress prices, others believe that OPEC+ will maintain supply-demand fundamentals to support prices. The growth in US oil production reflects a shifting landscape in the American energy industry, with companies prioritizing shareholder returns through buybacks and dividends. OPEC is more concerned about inadequate investment in supply rather than the threat of US shale oil growth.
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