OPEC's surprise oil production cuts could lead to higher demand for U.S. oil in Europe and Asia and could encourage some other producers to boost output, industry executives and analysts said on Monday.
pledged to cut production
Middle East producers' curbs will leave markets short by an average of 2.3 million bpd in the second half of 2023, estimated Matt Hagerty, a senior manager for energy consultants BTU Analytics, a FactSet company. The U.S. pumped nearly 12.5 million bpd in January, according to the latest government data. Production in the largest U.S. shale basin should grow by 400,000 barrels per day this year, estimated energy tech firm Enverus, about half the level in 2019 before the pandemic.
. Increased operating costs, higher interest rates and lower crude and natural gas prices cut their cash flow.The OPEC cuts should raise demand for U.S. medium and sour crudes as Middle Eastern sour crudes become more expensive market participants said. U.S. cash crude prices strengthened on Monday, with Mars Sour gaining 50 cents to trade at a $1.40 discount to U.S. crude futures .
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