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US Oil Production Stagnates as Prices Approach $100

3/23/2026

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Oil Companies Restrain Production

United States oil companies are unlikely to raise production as oil nears $100 per barrel amid Iran's conflict.
Analysts expect output to remain steady or decline slightly this year, since higher prices haven't spurred drilling.
The break-even price for United States producers remains above $60 per barrel, increasing reliance on OPEC.
Uncertainty about the conflict's duration discourages expansion.
Fewer active rigs shift focus to shareholder value over new drilling.

Left

Wesley Stacey Warns

In Odessa, Texas, diesel prices reached $5.39 as global oil prices rise due to the Middle East conflict.
Wesley Stacey, a drill pipe rental worker, advises friends not to return to the Permian Basin for jobs amid uncertainty.
Local officials and executives say the price rise has not spurred production because drilling remains slow.
They attribute the cautious mood to slow drilling and U.S. President Donald Trump's plans to lower oil prices.

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Oil Companies Restrain Production

United States oil companies are unlikely to raise production as oil nears $100 per barrel amid Iran's conflict.
Analysts expect output to remain steady or decline slightly this year, since higher prices haven't spurred drilling.
The break-even price for United States producers remains above $60 per barrel, increasing reliance on OPEC.
Uncertainty about the conflict's duration discourages expansion.
Fewer active rigs shift focus to shareholder value over new drilling.

1 / 2