Upstream Tracker: Opec-Plus Takes Back Seat on Medium-Term New Oil

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  • Countries not aligned with Opec-plus will launch nearly two-thirds of new crude oil capacity over the next five years.

  • Even after factoring in decline rates for existing fields, non-Opec-plus’ new oil capacity will be sufficient to meet global demand growth through 2026.

  • North America will be the regional leader in new oil until the end of 2024, after which the baton will pass to Latin America during 2025-26.

Over the next five years starting from the second half of 2023, global oil markets will welcome an average 2.6 million barrels per day in additional oil capacity for a total 13 million b/d, according to Energy Intelligence’s oilfield project database. This consists of gross new supply; much of this, but not all, will be offset by natural decline at existing fields.

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