Trump’s oil-drilling plans may pose a big problem for OPEC+

Nov 26, 2024 · Trump’s oil-drilling plans may pose a big problem for OPEC+ OPEC and its allies set to discuss the oil market and production on Sunday Published: Nov. 26, 2024 at 3:52 p.m. ET

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OPEC+ Concerned Over Potential US Oil Output Surge Under Trump …

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US oil output has risen 11% to 21.6 million barrels per day (mbbl/d) over the past two years, according to OPEC data.

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FAQs about Trump’s oil-drilling plans may pose a big problem for OPEC+ Coupon?

Will trump's drilling permits increase oil production?

Furthermore, the development of new oilfields is a lengthy process, indicating that immediate increases in production due to Trump's drilling permits are unlikely. "OPEC+ concerned over potential US oil output surge under Trump" was originally created and published by Offshore Technology, a GlobalData owned brand. ...

Why did OPEC+ delay its oil supply increase?

OPEC+, which supplies around half of the world’s oil, delayed its output increase to April due to weak demand and rising non-OPEC+ production, including the US. Additionally, the group extended some supply cuts until 2026 amid booming US and non-OPEC+ output. ...

Will OPEC+ support Trump's energy deregulation plans?

With the US now supplying one-fifth of global oil, some OPEC+ delegates link the optimistic outlook for US oil to Trump's energy deregulation plans, announced after an election focused on economic issues. ...

How will trump's deregulation affect OPEC+?

OPEC+ fears U.S. oil production could rise under Trump’s deregulation, pressuring oil prices and market share. The new administration plans to prioritize domestic energy expansion, infrastructure, and LNG exports. Stricter sanctions on Iran and Venezuela could reduce global supply, influencing OPEC+ production strategies. ...

Will trump resurgence in US oil production affect OPEC+?

M embers of the Organisation of the Petroleum Exporting Countries (OPEC)+ are expressing concern over a potential resurgence in US oil production when Donald Trump returns to the presidency, reported Reuters. This could challenge the group's market share and undermine its efforts to manage oil prices. ...

Will trump's OPEC+ Alliance reduce oil costs?

WASHINGTON — Experts say U.S. President Donald Trump’s push for the OPEC+ alliance of oil exporting countries to bring down the cost of oil conflicts with the Republican leader’s own plans to make America energy-dominant. Trump made the comments in a wide-ranging address to the World Economic Forum in Davos, Switzerland on Thursday. ...