# Rising US oil production frustrates OPEC⁺ cuts | Reuters

> 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.

- Date: 2024-02-01 · published 2024-02-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/31863-rising-us-oil-production-frustrates-opec-cuts-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/rising-us-oil-production-frustrates-opec-cuts-kemp-2024-02-01/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.