There is a myriad of factors influencing current global oil prices. On the supply side there is what can be called a back and forth tension between the OPEC+ oil production cuts, led by Saudi Arabia who is exceeding its pledge as part of the deal reached in January to remove 1.2 million bpd of oil supply from the market, against the continued ramp up in U.S. oil production, led by unconventional oil production, predominantly from the Permian Basin. The U.S. has now reached the 12.1 million bpd oil production point, and will likely see production above that level for the rest of 2019 as supply restraints in the Permian ease. U.S. oil output has increased a staggering 2 million bpd in just one year – making the U.S. the world’s largest oil producer, ahead of both oil production heavyweights Russia and Saudi Arabia. Other supply-side factors include U.S. […]