The U.S. holds firm on its position as the world’s top producer of oil.
New data from the U.S. Energy Information Administration (EIA) Petroleum Supply Monthly shows that the country produced 13.4 million barrels of oil per day (MMb/d) in August, breaking its own record of 13.3 MMb/d set in Dec. 2023.
The daily average production from January to August was 13.1 MMb/d.
The EIA’s latest Short-Term Energy Outlook, published on November 13, projects crude oil production to average 13.2 million barrels per day (b/d) in 2024, surpassing the 2023 record of 12.9 million b/d.
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For 2025, the EIA forecasts an increase to 13.5 million b/d.
The U.S. is part of the Americas quartet including Guyana, Canada and Brazil which accounts for three-quarters, or roughly 1.1 million b/d of non-OPEC+ supply gains for this year and the next.
Non-OPEC+ supply increased by around 1.5 million b/d this year and again in 2025.
Guyana’s offshore oil production continues to rapidly increase with the addition of new developments and optimization of output at these projects. Currently, combined production at the Liza 1, 2 and Payara developments exceed 650,000 barrels of oil per day.
Guyana oil production could reach almost 1.5 million bpd by 2027
Production expansion is expected to continue with two more approved projects: Yellowtail and Uaru, each targeting 250,000 b/d to the production total. Yellowtail is on schedule for a 2025 start-up, and Uaru in 2026.
