Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>
By Anna Hirtenstein and Alex Lawler
LONDON (Reuters) – OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group’s efforts to support prices.
OPEC+ pumps about half of the world’s oil and earlier this month delayed a plan to raise output until April. The group extended some of its supply cuts until the end of 2026 due to weak demand and booming production from the U.S. and some other non-OPEC+ producers.
OPEC has a history of under-estimating U.S. output gains going back to the start of the shale oil boom, which has seen the United States become the world’s top oil producer. The United States now pumps a fifth of world supply.
Some delegates are more bullish now on U.S. oil and say the reason behind this is Trump. Following an election centred on the economy and the cost of living, Trump’s transition team put together a wide-ranging package to deregulate the energy sector.
“I think a return of Trump is good news for the oil industry, with possibly less stringent environmental policies,” a delegate from a U.S. ally…
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