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Numbers doesn’t lie. A closer look at the oil production of both USA and KSA over a period of one year since OPEC’s oil output deal in Nov. 2016 tells us who is really winning the oil market-share war.
Saudi Arabia:
Saudi Arabia’s oil production fell by approximately 400,000 bbl per day from 10,406,000 bbl/day in Oct. 2016 to 10,000,000 bbl/day in Oct. 2017.
USA:
On the other hand, US crude oil production grew by approximately 1 million bbl/day from 8,681,000 bbl/day in Nov. 2016 to 9,645,000 bbl/day in Nov. 2017.
Saudi Arabia is cutting its oil output to drive oil prices up, while US oil producers are pumping more and the upward movement in oil prices will drive encourage them to drill more and drive production up.
