Beautyimage/Shutterstock 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. Save for later Print Download Share LinkedIn Twitter 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.
