The Texas Railroad Commission, a three-person body that regulates the Texas oil industry, said that the state's shale oil producers forced today's OPEC agreement to extend production cuts into 2018, Reuters reports.
OPEC agreed at a meeting in Vienna today to extend oil supply cuts through at least next March to help balance global supply and demand.
"Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months," said Ryan Sitton, of the Texas Railroad Commission.
U.S. producers are expected to increase output by more than 1 million barrels of oil per day next year.
"Less OPEC oil on the market enhances the opportunity for American energy to fill needs around the world, and will help us achieve energy dominance," Sitton said. "The days of OPEC using oil supplies and prices as a political weapon are gone."
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