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US oil production News

US world's biggest oil producer and may soon be largest exporter

The United States is now the largest oil producer in the world and, this increased production is disrupting global oil markets. US production is now at a record 12.1 million barrels a day more than that of Saudi Arabia or Russia.

Crude oil expected to exceed global demand in 2018

Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next.

OPEC and U.S. shale oil producers set to talk

Vienna - After a bruising recent fight, now ended, in which Saudi Arabia pumped more and more oil to drive shale producers out of business, US oil shale bankers came to Vienna this week and top OPEC oil officials are planning a trip to Texas.

World oil glut may force OPEC to prolong curbs until 2018

When OPEC announced its first oil production cut in eight years in January, oil traders around the world began emptying their storage tanks of millions of barrels of crude, flooding the market. But, the expected end to the world oil glut is not happening.

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