2024-03-12 02:50:02
The US Energy Information Administration announced in a statement on Monday that the United States maintained its position as the world’s largest crude oil producer for the sixth consecutive year, recording a record average production of 12.9 million barrels per day.
The statement indicated that December production alone recorded a new monthly record level of more than 13.3 million barrels per day.
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This high production played a major role in preventing oil prices from rising further, despite the production cuts imposed by OPEC Plus.
However, some warn that the continued increase in US production might lead to a future price and share war in the oil markets.
They pointed out that the United States is seeking to increase its share in the global market, while OPEC Plus countries are seeking to maintain high prices through production cuts.
The increase in US oil production is expected to have a significant impact on global energy markets, as it may lead to lower prices in the short term, while it may lead to struggles over market shares in the long term.
The US record production is a major blow to oil-exporting countries, especially Russia and Saudi Arabia, which seek to maintain high oil prices, as Saudi Arabia seeks to finance the 2030 plan and Russia seeks to finance the war in Ukraine and confront Western sanctions.
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