Posted 12/21/2023, 12:20:00 AM
US Oil Boom Erodes OPEC Dominance as Exports Hit Record and Output Climbs
- US crude oil exports averaged a record 3.99 million barrels per day in the first half of 2023, up 19% from a year ago
- Flood of US oil has eroded OPEC's dominance, reducing its market share to the lowest in a decade
- Saudi Arabia remains top oil exporter but has cut output to support prices while US pumps more
- US oil boom comes as Russia exports less to Europe, opening door for US crude
- US oil production forecast to climb further in 2024, while OPEC continues production cuts