U.S. domestic oil production keeps growing and that's the main reason crude oil prices continue their slide. The market reached a seven-month low Thursday at $44.46-a-barrel.
OPEC nations agreed to cut production to boost prices, but Texas-based oil analyst Karr Ingham says the U.S. quickly replaced the lost output.
“We've added 700-thousand barrels a day, just in a period of months, since September of last year,” Ingham says, “so it is we who are putting downward pressure on prices.”
Crude oil is at its lowest levels since November. Every time OPEC cuts 100-thousand barrels of production, the U.S. production goes up that much, or more.
“I say this proudly, as I always do,” he says, “the U.S. is the chief offender in terms of raising production to those levels.”