U.S. Oil Reaches Record Breaking Output – 21 February, 2019

U.S. oil production hit a record breaking 12 million barrels per day, despite OPEC’s efforts to cut supply to level out global markets and causing prices to drop. U.S. West Texas Intermediate crude futures fell 12 cents and 0.2 percent to $56.84 per barrel, and international Brent crude futures dipped 20 cents and 0.3 percent to $66.87 per barrel. U.S. production has risen by 2.5 million bpd since January 2018 and is the only country to ever reach 12 million bpd. U.S. sanctions against Venezuela and Iran also affected prices.