Overnight market review On December 20 (Tuesday), the oil production capacity of the United States has ranked first in the world, surpassing major crude oil suppliers such as Saudi Arabia and Russia. Still, U.S. shale fields are aging and production growth has been lackluster this year. While total U.S. production capacity is on track to hit a record 12.34 million bpd next year, that is only if oil prices are profitable enough to entice drillers to pump more oil.
With the European Union banning imports of Russian crude, European refiners have snapped up U.S. crude to offset the void left by Russian crude.
That really creates a great opportunity for U.S. producers and U.S. energy, the top U.S. oil export figures show.
Trading strategy deployment: it is recommended to do more at low positions
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