Amy myers jaffe opec production
Amy myers...
U.S. oil producers have increased production, frustrating OPEC’s efforts to prop up oil prices
There’s a surprise in the federal Energy Information Administration’s latest forecast of U.S.
oil production: Producers pumped out nearly 13.5 million barrels a day in November — almost a million barrels a day more than what the EIA predicted a year ago.
Amy myers jaffe opec production
U.S. oil production has been ramping up at kind of an awkward time for the global oil cartel.
“OPEC, together with its allies, OPEC+, have been trying to ensure that there is a limited amount of oil in the market to hit a higher target price,” said Amy Myers Jaffe, who runs the Energy, Climate Justice and Sustainability Lab at NYU.
OPEC’s been cutting production for a while, she said.
This time last year, those cuts helped push oil prices above $80 a barrel. Thing is, American producers noticed.
“Everybody in the C-Suite of all the fracking companies thought, ‘Jeez, if they’re successful, I can m