Trump’s Revenge: U.S. Oil Floods Europe, Hurting OPEC and Russia

As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits—and flooding Europe with a record amount of crude.

Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices LCOc1 close to four-year highs.

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