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A Floating Production Storage and Offloading Vessel (FSPO) oil platform, operating off the coast of Rio de Janeiro, Brazil Photographer: Mauro Pimentel/AFP via Getty Images For the first time in at least two years, the Americas will be the world’s biggest driver of oil production growth, while OPEC cuts back . Western hemisphere producers will add more than 1.6 million barrels a day of new supply this year, shifting the balance of growth away from the cartel that has, until this year, led global production gains, according to the Energy Information Administration. And that growth won’t just come from US shale producers, who have long vied with OPEC for market share, but from fields across South America and even Canada that can’t be easily turned off when prices slide. Large Production Increases Will Come From the Americas Note: Includes production of petroleum and other liquids from select nations in the Americas Sources: Energy Information Administration Annual oil production, millions of barrels per day US Canada Brazil Mexico Argentina Guyana 40 OPEC production 35 Projected 30 25 20 15 10 5 0 2024 2016 2018 2020 2022 Note: Includes production of petroleum and other liquids from select nations in the […]
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