“Relentless growth should see the US hit historic highs above 10 million bpd, overtaking Saudi Arabia and rivalling Russia during the course of 2018 -– provided OPEC/non-OPEC restraints remain in place,” it said. But producing nations — both inside and outside the OPEC oil cartel — struck a deal at the end of 2016 to cut back production and drive prices higher. And since the United States is not a party to the deal, its shale production can continue uninhibited. In the first annual decline since 2013, total oil production from the group’s 14 members fell from 39.6 million bpd to 39.2 million bpd, it said. That compares with estimated overall global demand for oil of 97.8 million bpd.

Source: The Guardian January 19, 2018 10:18 UTC