The US is expected to account for the lion’s share of non-OPEC oil growth next year as American drillers pump a record amount of crude.
Production is seen reaching 12.8 million barrels a day in 2024, surpassing the current annual high of 12.3 million set in 2019, according to the Energy Information Administration’s monthly Short-Term Energy Outlook. If materialized, next year’s figure would exceed 2023’s projected output of 12.4 million barrels.
Still, the agency warned that rapidly growing production could result in a surplus that weighs on prices next year. The US and other producers outside the Organization of Petroleum Exporting Countries — and excluding Russia — are expected to add 2.4 million barrels a day of output in 2023 and an additional 1.1 million barrels in 2024, the EIA said. The US would contribute 60% of the non-OPEC growth next year.