After a long, deep slump in oil prices, OPEC is trying to lower supply and keep prices from sinking again. But new technology and the low break-even price in the Permian Basin and other shale formations have offset some OPEC cutbacks. The U.S. has consistently been among the world’s top three oil producers, alongside Saudi Arabia and Russia. Texas has made a signiﬁcant impact, with production increasing signiﬁcantly in the last year. The Lone Star state is now the equivalent of a mid-level OPEC country when it comes to oil production.
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June 3, 2017