U.S. petroleum production is setting a record-breaking year, keeping energy prices stable despite efforts by Saudi Arabia and other major oil exporters to raise oil prices.
U.S. crude output this year through April is up 9% from a year ago, driven in part by improved production efficiency.
As output grows worldwide, the Organization of the Petroleum Exporting Countries’ power to control prices could be waning.
So far this year, OPEC and its allies have announced cuts amounting to about 6% of last year’s production. Crude prices have nevertheless dropped by about 13%.
