Bloomberg: OPEC+ has decided to delay any increase in oil production until April, extending the current reductions across its member countries. This move, aimed at stabilizing oil prices, may not achieve its intended effect. By constricting supply, OPEC+ risks losing market share to non-OPEC producers, particularly those in the United States.

Indicative of this shift, the U.S. oil rig count, often seen as a barometer for the industry’s health and activity, rose by 5 last week, totalling 482. Concurrently, U.S. crude oil production surged to a record high of 13.513 million barrels per day, underscoring the increasing output capacity of non-OPEC countries and the complex dynamics at play in the global oil market.