US oil production seen thwarting OPEC effort to boost prices
June 15, 2017
PARIS (AP) — OPEC's plan to cut production and support prices is likely to be undone by increased output in the U.S., the International Energy Agency predicted Wednesday.
If correct, that could keep a lid on oil and energy prices as a glut of supply grows despite the efforts of countries in the OPEC cartel and allies like Russia to limit production.
The IEA, a Paris-based body that advises oil-consuming states on energy matters, said in its monthly oil report it expects production in non-OPEC states like the U.S. to grow 700,000 barrels daily this year. It predicts that output will grow e...