Finance Associated Press, December 22 (edited by Bian Chun).According to a recent report released by S&P Global Commodity Insights, the United States has now become the largest oil producer in history as U.S. oil production continues to soar to all-time highs.
U.S. liquid fuel production in the quarter was 21.4 million barrels per day, including 13.3 million barrels per day of condensate, both of which set global records.
"Not only does the U.S. produce more oil than any country in history, but it exports oil close to Saudi or Russian combined. Jim Burkhard, vice president and head of oil markets, energy and liquidity research at S&P Global Commodity Insights, said in the report. "When you look back at 2008 – when U.S. oil production was at a 62-year low and exports were at zero – it was a remarkable shift. ”Since the beginning of this year, U.S. oil production has been accelerating. A separate report released by the U.S. Energy Information Administration (EIA) on Wednesday showed U.S. production** surged to a record 13.3 million barrels per day last week. The previous all-time high was 13.2 million barrels per day in October.
Next year, the oil market will move towards a "new equilibrium".
Strong production from U.S. oil producers offset OPEC+'s production cuts this year, which are designed to support global oil prices.
After taking into account the OPEC+ constraints and the increase in production in non-OPEC+ countries, S&P expects thatThe oil market will move towards a "new equilibrium" next year, and Brent*** will be between $75 and $100 in 2024
International oil prices closed lower on Thursday after Angola said it would withdraw from OPEC, raising questions about the group's efforts to prop up oil prices by restricting the world**. Brent *** settled at 79 per barrel$39, **0$31. United States ***0$33 at $73 per barrel$89.
"The management of OPEC+ can prevent oil prices from falling below a certain bottom line, at least for quite some time. Burkhard added. "At the same time, ** remains high enough to support oil production growth outside of OPEC+, which in turn will prevent oil prices from rising too high. ”Growth in non-OPEC+ countries** is so strong that it will be enough to meet growing global demand in 2024. In 2024, oil** outside OPEC+ is expected to increase by 2.7 million b/d, well above the 1.6 million b/d increase in total demand.
The surge in U.S. oil production has eroded OPEC's global market share, and some energy experts**, Saudi Arabia will reverse its production cut policy and instead go to the market in large quantities*** to regain market share.
"If oil prices are high enough to sustain strong** growth outside of OPEC+, then OPEC+ will be under more pressure to cut production. Most of the time OPEC+ acts to shore up**, but history shows that sometimes throttling and loss of market share can become a growing burden. Burkhard said.(Finance Associated Press Bian Chun).