In gas, where there is no equivalent of OPEC⁺, continued production growth has kept prices close to three-decade lows in real terms. In contrast to oil, production growth has slowed, though not as much as might be expected given the sharp deceleration in drilling. With no equivalent of OPEC⁺ to act as swing producer and support prices, gas prices have fallen more heavily than oil, with price signals playing a much bigger role in rebalancing the market. Ironically, OPEC output cuts have intensified the downward pressure on gas prices. By keeping oil prices artificially elevated it has kept U.S. oil output higher than it would otherwise have been and in turn boosted production of associated gas from oil wells.
