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OPEC+ Cuts Offset By Booming U.S. Oil Production

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U.S. oil production is predicted to hit 13 million bpd in September, matching the record output from November 2019.  Major companies including Chevron and Exxon reported record production in Q2 despite fewer active drilling rigs. The EIA anticipates record U.S. crude oil production for 2023 and 2024, with the U.S. leading non-OPEC+ production growth.


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