The United States energy industry continued to expand under President Trump in recent weeks; smashing records and now “pumping more oil” than Russia and Saudi Arabia.
According to CNBC, the United States now generates more than 11.6 million barrels of oil per day; prompting members of OPEC to consider serious reductions in production to ease pricing pressures.
“U.S. oil production jumped to a record 11.6 million barrels a day last week, and rising U.S. output is a factor that could prompt OPEC members and allies to react when they meet over the weekend,” writes CNBC.
The increase in output has caused oil prices to “crater” in recent weeks.
“US crude oil production was recorded at a new record high, and the largest in the world by far, moving ahead of Russia and closer to the level Saudi Arabia might be able to reach in another six months,” added one energy insider.
Read the full report at CNBC.