The US is officially the largest oil producer in the world, and it's not even close.
Currently, the US is producing 12.9 million barrels per day of crude oil. This is nearly 30% more than the 10.1 million barrels per day that Russia produces and 33% more than Saudi Arabia. In fact, the US alone pumps 45% of the output produced by the entire OPEC combined. Furthermore, the US now produces nearly 4 TIMES as much oil as Brazil. Source: The Kobeissi Letter, Apollo
Oil prices are now up 17% this year and well above $80/barrel again.
OPEC remains committed to production cuts and geopolitical tensions have threatened supply. Meanwhile, global demand forecasts are being raised and inflation is rebounding. Even as non-OPEC production is at record highs, oil prices continue to skyrocket. It seems like high oil prices are just the new normal for consumers. And it is not gooing to help healdine inflation to move back to the Fed's target. Source: The Kobeissi Letter
