The United States have remained true to their trend regarding oil extraction from the past few years: production continues to increase, as the latest data shows. With 10.59 million barrels of oil produced by day the US is second only to Russia.
The US is the leading economy in terms of extraction of shale oil: it is a less costly source than crude oil and the United States continue adding more and more extraction rigs to their portfolio. This has led to the price of oil dropping a little earlier today. The Brent crude found itself at around $74.76, while the WTI was at $67.32.
Oil is still stable over the level of $70 per barrel, however. This is largely due to OPEC’s efforts to keep production levels low, as well as the market’s uncertainty regarding Iran. The United States is supposed to renew the Iran deal by May 12, but Trump and his close advisors have spoken against it, so sanctions on Iran might again be put into place, which could lead to an increase in prices again.
