"US Oil Production Surges, Challenging Saudi Arabia and OPEC+"
Originally Published 2 years ago — by MarketWatch
The U.S. is challenging Saudi Arabia and OPEC+ for market share as its record-high oil production and growing exports make it difficult for the group to support oil prices through production cuts. Saudi Arabia's crude exports have declined while U.S. exports have risen, narrowing the gap between the two. Rising tensions in the Middle East have contributed to disruptions in oil shipments, potentially driving buyers to procure cheaper U.S. oil. OPEC+ faces challenges in maintaining market share, with concerns of modest oversupply if members do not comply with voluntary production cuts.
