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Upstream Tracker: Americas Leads World in New Oil Capacity

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  • New global crude oil capacity will average 2.7 million b/d over the next five years, an updated study by Energy Intelligence shows.

  • Some 68% of the new oil production capacity in 2023-27 will come from countries not aligned with the Opec-plus alliance.

  • North and South America are poised to be the leaders in terms of new oil, with the two continents accounting for 54% of new capacity coming online over the period.

Updates to Energy Intelligence’s Upstream Tracker database over the past half-year have resulted in a slightly rosier outlook for new oil additions. New capacity over the five-year horizon has increased by 200,000 b/d to 2.7 million b/d.

Topics:
Crude Oil, Oil Supply, Opec-Plus Supply , Shale, Pre-Salt, Upstream Projects
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