U.S. Spoils OPEC's Plan as Oil Prices Fluctuate

Oil prices have been down around 10% since the beginning of the year due to strong U.S. oil production, which has surpassed Saudi Arabia's production. The United States has become the biggest producer of oil in the world, thanks to the shale revolution. Additionally, the Biden administration released record volumes from the Strategic Petroleum Reserve after Russia invaded Ukraine, adding approximately 450 million barrels of oil to the global supply chain. This increase in supply has offset the impact of OPEC's efforts to cut production and boost prices.