Even though the US is breaking one output record after another month by month, the country's shale boom is not strong enough to derail OPEC and force the price down.
In addition to the fact the organization of petroleum exporting countries has pushed through a significant output reduction, one should also take into account the embargo on Iran as well as the uncertainties arising from the political turmoil in Venezuela in order to understand how the price of a barrel of North Sea oil is developing a month and a half into 2019.
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