S&P Global Commodity Insights recently said U.S. entered 2024 producing more oil than any country in history. U.S. leads strong non-OPEC+ supply growth that exceeds the rising global demand, S&P Global said in its latest oil markets outlook. U.S. total liquids production in 4Q stood at 21.4 million barrels per day, including 13.3 million b/d of crude oil and condensate. Both totals are global records.
Brazil and Canada also were expected to achieve their highest production in history in 2023, and all three nations are expected to establish new national highs again in 2024.
Jim Burkhard, vice president of S&P Global Commodity Insights, said, “The amount of oil that (U.S.) is exporting is near the total production of Saudi Arabia or Russia. When you look back on 2008 when U.S. production was at a 62-year low, and exports were zero, it is a remarkable turnaround.”
Global crude oil demand is expected to reach a record high in 2024, and the growth in supply is predicted to easily meet this demand.