Commodities
Record US Oil Output Seen Leading Non-OPEC Growth Next Year
- 2023 oil output seen at new record 12.4 million barrels a day
- US to make up bulk of non-OPEC growth in supply through 2024
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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.