"US Oil Production Surges, Challenging Saudi Arabia and Cementing Energy Superpower Status"
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, the center of the shale boom. While some experts warn that Saudi Arabia may flood the market with supply to depress prices, others believe OPEC is more concerned about inadequate investment in supply rather than the growth of US shale oil.