For the first time in nearly a decade, OPEC has solid reasons to believe that its control over the global oil supply will not be ruined by a surge in U.S. crude oil production. The ongoing restraint in drilling activity in the shale patch would make the efforts of OPEC and its allies in the OPEC+ group to manage supply to the market this year a much easier task. Last week, OPEC+ was reportedly told by major international forecasters—including the Energy Information Administration (EIA), the International Energy Agency (IEA), Wood Mackenzie, IHS, Argus Media, Energy Intelligence, and Energy Aspects—that U.S. crude oil production would grow by just 200,000 barrels per day (bpd) this year, OPEC sources told Reuters at the end of meetings of OPEC’s economic and technical think-tank, the Economic Commission Board. For 2022, the views range from production growth of between 500,000 bpd and 1.3 million bpd. […]