U.S. Record-Breaking Oil Output One More Blow to OPEC

Record crude oil production in the United States is serving a fresh blow to oil bulls and OPEC, just as the cartel was trying to push benchmarks higher by adopting deeper production cuts. The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate of 13.24 million barrels. This is happening despite cost inflation and lower international oil prices. And U.S. shale drillers have no plans to drill less. The situation is perhaps worryingly similar to 2014-2016 when oil prices…