Despite US President Trump’s efforts to boost U.S. oil production, the industry faces potential output cuts and job losses. Increased OPEC output and tariffs have weakened demand, causing U.S. crude futures to plummet. Companies struggle to drill profitably below $65 a barrel, and rising input costs further discourage drilling, potentially benefiting OPEC and impacting rig counts.
OPEC output hikes and trade wars have US oil producers wary of 'drill baby drill'
