Commodities Corner: Why global oil production looks set to grow in 2018, despite OPEC-led output cut

Global crude-oil production looks set to rise next year, and not just because of growing U.S. output.

Less than two weeks after the Organization of the Petroleum Exporting Countries reached an agreement with some non-OPEC oil producers to extend oil production cuts through March 2018, compliance with the pact, and maybe even the agreement itself, appears to be tenuous.

Russia has voiced concerns about loss of market share in oil to the U.S., and President Donald Trump’s decision to pull out of the Paris climate agreement could help ease restrictions on the fossil fuel sector, potentially contributing to more oil production.

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