U.S. Crude Production Growth Challenges OPEC+ Control Over Prices

The OPEC+ alliance, which includes Saudi Arabia and Russia, two of the world’s Top 3 oil producing countries, met in Riyadh, Saudi Arabia at the 37th OPEC and non-OPEC Ministerial Meeting. The group reaffirmed their commitment to the Declaration of Cooperation (DoC) and extended oil production levels until the end of 2025. They will continue using independent sources to guide 2026 production levels. Although the decision extends voluntary production cuts of 2.2 million BPD announced last November into the next year, it gradually eases some…