Defying earlier expectations of slowing growth, U.S. crude oil production has surged this year to extend America's lead at the top of the ranking of the world's biggest oil producers. In September, U.S. oil output surged to a record high for any month in history, and forecasts are that production will continue to increase. U.S. oil producers are set to lower their 2024 spending by 1%, with private drillers cutting budgets by an average of 4%, per a spending survey by Barclays cited by Bloomberg. Despite the expected slightly…
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