OPEC Optimism: Oil ministers agree on big output cut. We asked Spencer Welch, Oil Industry Analyst, IHS Markit: What Sort of deal would it be and would it really ease downward pressure on prices?
The fracking of hard-to-reach oil reserves has helped the US regain its crown as the world's top crude oil producer. But even the International Energy Agency (IEA) is now worried that the shale boom has been overhyped.
Donald Trump's pledge that the US "won't put up with high oil prices for much longer" has led to speculation about how he may try to force OPEC's hand. Skepticism abounds over whether the price of gasoline will fall.
Tehran has vowed to "defeat" attempts to curb its oil revenues by allowing private companies to export it. Iran also reminded Saudi Arabia that it was bound to an OPEC agreement to only boost exports collectively.
The International Energy Agency (IEA) expects the United States oil output to be higher than that of Saudi Arabia in 2018, setting the country on a course to become the world's second largest producer after Russia.
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