US Oil Production Soars to Record Highs, Tempering Prices Despite OPEC Cuts
• The US is set to produce a record 13.3 million barrels of oil per day in Q4 2022, more than any country ever
• US oil production is helping offset OPEC+ supply cuts meant to keep prices high
• Abundant US supply has helped keep oil prices in check below $75 a barrel recently
• Despite record output, Biden has faced criticism for policies seen as limiting oil production
• The shale revolution has enabled the spike in US oil output, not White House policies