(Bloomberg) -- Coordinated crude output reductions by the Organization of Petroleum Exporting Countries and its allies have led to a balanced global oil market, according to US shale giant EOG Resources Inc.

Still, the Saudi Arabia-led oil cartel will start to unwind the cuts later this year, Chief Operating Officer Jeff Leitzell said Monday at the JPMorgan Energy, Power and Renewables Conference in New York.

Meanwhile, the US is expected to halve its output growth in 2024 after surprising many, including EOG, with more oil production than expected in 2023. The country, which is now the world’s largest oil producer, will likely add about 300,000 to 400,000 barrels per day this year, EOG Chief Executive Officer Ezra Yacob said in May.

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