Record US oil output challenges Saudi mastery

The market is being rebalanced through Opec cuts and increases in the group’s collective spare capacity rather than changes in prices and US production. — Reuters

US crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its Opec+ partners as they cut their own production to boost prices.

Repeated Organisation of the Petroleum Exporting Countries and allies (Opec+) output cuts since the fourth quarter of 2022 have thrown a lifeline to US producers, averting a deeper slump in prices and conceding more market share to them.