SMU Energy Analysis: Oil Output Up, Price Down

Oil production in the U.S. set another all-time record in August and stocks are increasing. In the last month, the price of oil has dropped by $16/barrel.

Wall Street Breakfast had this to say on Nov. 9: “Oil fell below the $60 level overnight, a day after slipping into a bear market. That means U.S. crude is now down by around 20 percent since early October as rising supply and concerns of an economic slowdown pressure prices. Fresh U.S. sanctions are unlikely to cut as much oil out of the market as initially expected with Washington granting temporary exemptions to Iran’s biggest buyers. American production has also reached a new record high of 11.6M bbl/day.”