U.S. crude oil producers have been increasing production at much higher rates than their OPEC counterparts. On a year-over-year basis, U.S. producers have increased their production for seven consecutive months while OPEC has been declining production since January.
The oil cartel has historically produced three to four times more oil than the U.S., a ratio that has given it a much larger influence on market prices and has allowed them to cut and increase production as needed. Meanwhile, U.S. producers have less pressure to control prices by manipulating supply. With more freedom to compete among themselves, have nearly doubled production since 2010 and have since seen the export ban on U.S. oil lifted.