STREATOR – The Organization of The Petroleum Exporting Countries released a list of production cuts from its members and others to cut global production by 1.2 million barrels per day for the first 6 months of 2019, According to the American Automobile Association. However, President Steve Broadus of Broadus Oil Corporation of Illinois in Streator says, the cut may not have been enough to deplete the surplus. Broadus explained that when OPEC cuts production, oil prices generally rise. However, non-OPEC nations, including the U.S. have increased their crude production levels offsetting much of agreed upon cuts by OPEC. The U.S. alone is anticipated to increase crude production to 12.2 million barrels per day, up from current levels in the 11.8 million barrel per day range, according to the U.S Energy Information Administration. Future demand could depend largely on the outcome of the U.S./China trade negotiations.
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