US shale oil giant EOG Resources stated that OPEC+'s reduction in crude oil production has led to a more balanced global crude oil market.
According to the app of Wisdom Financial, US shale oil giant EOG Resources (EOG.US) stated that OPEC+'s reduction in crude oil production has led to a more balanced global crude oil market. Jeff Leitzell, the company's chief operating officer, added that nevertheless, eight OPEC+ member countries, including Saudi Arabia, the United Arab Emirates, and Iraq, will gradually withdraw from the voluntary production cut of 2.2 million barrels per day during the period from October 2024 to September 2025.
Meanwhile, the higher-than-expected crude oil production in the United States in 2023 has surprised many market participants, including EOG Resources. The growth rate of crude oil production in the United States in 2024 is expected to halve. Ezra Yacob, the CEO of EOG Resources, stated last month that the United States is currently the world's largest crude oil producer, and this year's crude oil production may increase by approximately 300,000 barrels per day to 400,000 barrels per day.