U.S. Oil Holds Fire on Gulf Market Takeover Amid Modest Growth

U.S. oil output is set to rise only modestly next year, with smaller producers drilling more while majors like Exxon and Chevron keep plans unchanged amid uncertainty from the Middle East conflict. The EIA now expects output to top about 14 million barrels per day, a gain from earlier expectations, but the war is unlikely to allow the United States to capture significant market share from Persian Gulf producers.