Market Reviews

Why is oil getting cheaper?



This year, the United States has increased its highest oil production. Rapidan Energy analysts estimate U.S. production will average 13.3 million barrels per day next year, up from the 2023 average of 13 million and above the current all-time record of 13.2 million reached in September.

The rapid growth of oil production in the United States is undeniable. In addition to increasing spending, Exxon and Chevron this year announced mega mergers to buy major shale oil producers. This is what America is counting on – to conquer the market and flood it with shale oil, despite the efforts of the OPEC countries to raise and stabilize prices.