A heavy weight is leaning on global oil markets as prices slide to five-month lows: record US supply.
American crude oil production reached a fresh all-time high of 13.2mn barrels a day in September, according to figures released last week, more than any other country and accounting for about one in eight barrels of global output.
The added volumes have outpaced official forecasts and called into question claims of a US oil industry constricted by Wall Street or environmental regulations. They are causing difficulties for the Opec+ oil cartel, which last week agreed to deepen cuts to its members’ own volumes in a bid to prop up faltering prices.
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