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Record-breaking oil production from the US has left OPEC with its lowest crude market share in nearly a decade
Markets Insider ^ | 12/14/23 | Phil Rosen

Posted on 12/14/2023 7:16:28 PM PST by Round Earther

Huge volumes of US oil production, as well as output from Brazil and Guyana, have eaten away at the Organization for Petroleum Exporting Countries and its allies' command of global crude flows, with the energy cartel's market share dropping to its lowest mark in nearly a decade, according to the International Energy Agency.

In its oil report covering data up to December 2023, the IEA said OPEC+'s market share had fallen to 51% in 2023.

It hasn't been that low since the group expanded to include additional allies in 2016, the Paris-based firm said.

"Record-breaking supply from the United States, Brazil and Guyana, and sharply higher Iranian oil production, along with easing demand, prompted some OPEC+ members to announce more extensive 100 2 1Q24 cuts to fend off a potential inventory build," the IEA said.

(Excerpt) Read more at markets.businessinsider.com ...


TOPICS: Business/Economy; Chit/Chat
KEYWORDS: brazil; dubai; energy; guyana; iran; oil; opec; opecplus; qatar; russia; saudiarabia; uae; unitedarabemirates; unitedstates; venezuela
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To: chajin

It’s also slowing economy.

It took years to get back to pre-pandemic production and absent Biden’s war on fossil fuels, US production would be higher.

Similar under Obama, it is despite them.


21 posted on 12/14/2023 8:16:07 PM PST by Freest Republican (This space for rent)
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To: bigdaddy45

Not in Alaska. We’re still getting the shaft!


22 posted on 12/14/2023 8:18:21 PM PST by vpintheak (Pinko misanthrope)
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To: BipolarBob

North GA.


23 posted on 12/14/2023 8:32:02 PM PST by ealgeone
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To: ealgeone

$2.95 in western Virginia.


24 posted on 12/14/2023 8:33:48 PM PST by NorthMountain (... the right of the people to keep and bear arms shall not be infringed)
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To: Round Earther

Great news!


25 posted on 12/14/2023 8:38:26 PM PST by dennisw (Be positive. Every day is another day.)
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To: All

KSA and Russia have reduced output.

Guyana . . . God knows why that is even mentioned. It’s only a few hundred K bpd. I can think of 10 or 20 other countries producing more than that.

It is not US supply increase, but rather the reduction in KSA and Russia output, that increases share.

Global C&C is actually down since 2018. Most of that is voluntary cuts from OPEC+, but down it is.

Understand the numbers. Millions of barrels/day are important. 10s of thousands of barrels/day . . . noise on the signal.


26 posted on 12/14/2023 8:44:14 PM PST by Owen (.)
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To: Paul R.

Not last week. Biden sold off more of the SPR last week.


27 posted on 12/15/2023 3:45:26 AM PST by MMusson
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To: Round Earther

There is an election next year.


28 posted on 12/15/2023 4:22:30 AM PST by Daveinyork
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To: vpintheak

Because we’re exporting so much product.


29 posted on 12/15/2023 4:27:08 AM PST by mewzilla (Never give up; never surrender!)
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To: vpintheak

From last week...

https://oilprice.com/Energy/Crude-Oil/Growing-US-Oil-Exports-Put-Lasting-Pressure-on-Prices.html


30 posted on 12/15/2023 4:28:13 AM PST by mewzilla (Never give up; never surrender!)
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To: NorthMountain; EagleOne

#.15/gal in central IN - last weekend.


31 posted on 12/15/2023 5:25:23 AM PST by BrandtMichaels ( Why I Oughta! One of these days... Bang, Zoom, To The Moon!)
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To: BrandtMichaels

3.15/gal - dohhh


32 posted on 12/15/2023 5:25:56 AM PST by BrandtMichaels ( Why I Oughta! One of these days... Bang, Zoom, To The Moon!)
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Comment #33 Removed by Moderator

To: jimtorr

Of course it does. Guyana signed a huge contract with Exxon. Their oil and gas production is set to take off.


34 posted on 12/15/2023 5:40:17 AM PST by FLT-bird
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To: Round Earther

The restrictions will come when OPEC ups their payments to the right pockets in Washington. Nothing in this country occurs in a vacuum.


35 posted on 12/15/2023 5:43:35 AM PST by Rlsau1
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To: Round Earther

The problem I foresee is that Biden will campaign on his severe and successful efforts to fight the Saudis and lower gas prices.


36 posted on 12/15/2023 5:46:48 AM PST by bert ( (KWE. NP. N.C. +12) Hamascide is required in total)
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To: Fuzz

It came out about a month ago. I don’t recall the details. The article did say it allow them to claim record oil production so here we are and it’s another lie


37 posted on 12/15/2023 6:03:35 AM PST by gibsonguy
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; BraveMan; cardinal4; ...

38 posted on 12/15/2023 7:26:21 AM PST by SunkenCiv (Putin should skip ahead to where he kills himself in the bunker.)
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To: Round Earther

Huge volumes of US oil production..........

Why are our strategic oil reserve supply tanks empty.

Keep turning the BS grinder boys we have them convinced.


39 posted on 12/15/2023 8:13:02 AM PST by Vaduz (....)
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To: gibsonguy

I’ve been unable to find any information on that. A barrel is still the same right?


40 posted on 12/15/2023 8:41:43 AM PST by Fuzz (. )
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