OPEC Cuts Production to Boost Prices While U.S. Oil Boom Rolls On
- OPEC to cut production by 2.2 million barrels per day in Q1 2024, potentially extending cuts further
- US shale oil boom expected to continue, boosting world supply
- Saudi Arabia could flood market to attack US producers and reclaim market share
- Oil demand growth expected to slow in 2024 but improve over next decade
- Over $100 billion in Permian Basin mergers signal firms see oil as critical long-term