"Surging US Oil Production Overwhelms OPEC and Reshapes Global Markets"
Originally Published 2 years ago — by Quartz
The United States has become the world's largest crude oil producer, surpassing OPEC's output and causing the cartel to cut supply in an attempt to stabilize falling prices. With record production in Brazil and Guyana, and the departure of OPEC member Algeria, OPEC's market share has dropped to its lowest level since 2016. The International Energy Agency warns that if OPEC tries to regain market share, it could lead to further price declines due to strong growth from non-OPEC producers.