The Berkshire stock deal is contingent on Oxy completing the purchase of Anadarko. Meanwhile, the federal Energy Information Administration shows U.S. crude oil production reaching a record high of 12.3 million barrels a day. Increased production and U.S. inventories helped keep oil prices from exploding as President Trump’s sanctions went into effect. Global oil production and consumption are roughly in balance at about 100 million barrels a day. It doesn’t take much, perhaps a million barrels a day, to throw the balance off and send oil prices skyward or plummeting.

Source: Washington Post May 03, 2019 17:17 UTC