If It Floats, It Must Be a Boat or Santa’s Sleigh !, page-26

US oil production is still rising CEO. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W.

EIA expects U.S. crude oil production to average 13.2 million b/d in 2020, an increase of 0.9 million b/d from the 2019 level. Expected 2020 growth is slower than 2018 growth of 1.6 million b/d and 2019 growth of 1.3 million b/d.Dec 10, 2019

IEA forecasts non-OPEC supply will add a massive 2.3 million barrels a day in 2020, with the growth coming from production in the United States, Brazil, Canada, Norway and Guyana. That will more than cover anticipated increases in global oil demand of 1.2 million barrels a day. Hence the OPEC production cuts.

Events in the Middle East have caused an oil price spike, but oil production/trade needs to be disrupted to have an ongoing impact.