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Efficiency gains in US oil production have offset OPEC+ efforts to draw down global inventories and lift prices. Saudi Arabia and its allies have found it harder to tighten the market because US output continues to rise.
The article compares current prices with the 2022 peak.
Rising US supply limits how far OPEC+ cuts can lift crude prices, which keeps biofuel and energy input costs contained. The bearish effect on feed ingredients is indirect.
reuters.comJohn KempFeb 1, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
