The US is now the world's largest oil producer

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OPEC flexed its muscles and shocked the world in 1973. It significantly reduced production, sending oil prices sky rocketing. Many Americans had to wait in long lines at the pump. For decades afterwards, OPEC's decisions could make or break oil markets.

But today, that story has changed dramatically. The US has now surpassed Saudi Arabia and Russia to become the world's top oil producer, fundamentally altering the balance of power in global energy. This shift has left OPEC struggling to maintain its influence. Despite the organisation's recent efforts to cut production and prop up prices, oil has tumbled 15 percent since the cuts began.

At OPEC's latest meeting, smaller members like Angola pushed back against Saudi and Russian calls for deeper cuts, exposing growing rifts. With the US and other non-OPEC countries pumping more oil, the once-mighty cartel is finding it increasingly difficult to control a market it once dominated.

Source: Economist

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