Will OPEC Sit Back as Non-OPEC Oil Gains Ground?

Crude oil production in countries that are not members of OPEC is set to account for most of global supply growth both this year and next. That’s according to the U.S. Energy Information Administration, which saw non-OPEC growth at an impressive 1.8 million barrels daily for this year and 1 million daily next year. OPEC may have a problem with that. OPEC and its partners in OPEC+ led by Russia have been withholding a substantial portion of their combined oil production for going on three years—an amount close to 6 million barrels daily…