Oil production cuts this year by the Organization of the Petroleum Exporting Countries and their allies have given the U.S. the price incentive it needed to lift domestic output to its highest level on record, and maybe even helped fuel the recent mergers among the big oil companies.
Risks tied to hostilities in the Middle East, meanwhile, have provided another reason for the U.S. to boost oil production, defying efforts by other major producers to limit market supplies and keep prices high — and potentially setting up a…
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