Surging US Oil from Efficient Fracking Is Forcing More OPEC CutsBrian

By John Mac, December 24, 2018

Iraq, Kuwait, the United Arab Emirates, Russia and Saudi Arabia will extend an OPEC agreement for oil production cuts for another six months. OPEC recently agreed to a six month 1.2 million barrel per day oil production cut.

US oil-production gets got the ability of rising creation by 4 million barrels each day over the subsequent few years.

OPEC is hoping to clear that the oil markets of further oil inventories and over-production.

There is worsening global economic growth and slumping US oil distribution.

Oil stocks prices dropped 11% last week. Brent crude traded below $54 a cone that your lowest since September 2017.