U.S. oil production jumped to 11.6 million barrels a day last week, a fact that will not be lost on OPEC and its partner Russia when they meet over the weekend.
An OPEC and non OPEC committee meets in Abu Dhabi and while ministers will not take action they could recommend a cut in production.
U.S. production now surpasses that of both Russia and Saudi Arabia, which ramped up ahead of expected U.S. sanction on Iranian crude which took effect this week.
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