U.S. Oil Strikes Back At OPEC And Russia

U.S. producers are flooding Europe with a record amount of crude. this as OPEC’s efforts to balance the oil market bear fruit.
Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day. It's a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices close to four-year highs.
But traders said, that now, the relatively high prices brought about by that pact are making it harder to sell Russian, Nigerian and other oil grades in Europe. Surging U.S. output has also contributed to the difficulties.