A drop in oil prices has caused a rebalance in the oil market. This is largely attributed to slowing the rise in U.S. crude output and encouraging Saudi Arabia and its allies to extend production cuts
U.S. crude production rose 241,000 barrels per day to 11.9 million bpd in March from February. This is according to the U.S. Energy Information Administration
U.S. crude output during the first three months of the year was up 1.575 million bpd compared with the same period in 2108, however, the growth rate has slowed from 1.920 million bpd in the third quarter of 2018.
Falling prices since the start of the fourth quarter, have slowed the rate of new drilling and fresh well completions in the major shale plays as shown by reuters
