Upstream Tracker: Non-Opec-Plus Takes Lead on Midterm Capacity Growth

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  • Globally, producers will launch an average 2.5 million b/d of new oil capacity per year in 2022-26. Nearly 70% of this will originate in countries not aligned with Opec-plus.
  • The outlook for oil-field projects coming on line in 2026 has improved, and new capacity growth that year is now estimated at 1.9 million b/d.
  • Saudi Arabia is poised to phase in total new capacity of 1.44 million b/d over the five-year period.

The present supply tightness on global markets is shining an optimistic light on upstream developments, and the paper market is pricing Brent for delivery in 2026 in the $75 range — an attractive level for many midterm plays.

Crude Oil, Oil Supply, Upstream Projects, Opec-Plus Supply , Non-Opec Supply
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