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

[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.

[Freest Republican]

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.

[vpintheak]

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

[ealgeone]

North GA.

[NorthMountain]

$2.95 in western Virginia.

[dennisw]

Great news!

[Owen]

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.

[MMusson]

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

[Daveinyork]

There is an election next year.

[mewzilla]

Because we’re exporting so much product.

[mewzilla]

From last week...

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

[BrandtMichaels]

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

[BrandtMichaels]

3.15/gal - dohhh

[FLT-bird]

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

[Rlsau1]

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

[bert]

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

[gibsonguy]

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

[SunkenCiv]

• Head Of COP28 Climate Summit Says "No Science" Supports Opposition To Fossil Fuels [12/05/2023]
• 'Stunned': OPEC urges members to block action on fossil fuels at COP28 [12/09/2023]
• Commie Pope Calls for Elimination of Fossil Fuels in Historic Speech at Cop28 Conference [12/03/2023]
• Al Gore Slams COP28 Climate Summit Host UAE, Says Its Emissions Soared [12/03/2023]
• After The Munich Freezeout! King Charles Delivers Highly-Politicised Speech To Support Collectivist Net Zero Project [12/03/2023]
• King Charles: Pay $5 trillion annually to prevent climate catastrophe [12/03/2023]
• COP28 president says there is 'no science' behind demands for phase-out of fossil fuels [12/03/2023]

  ---

• Southwest Airlines celebrated for policy to give a full row to 'passengers of size' for free [12/14/2023]

  ---

• Historic climate deal does the 'bare minimum' as the world warms, burns and floods [12/14/2023]
• Renewables' growing price advantage over fossil fuels paves way for industry dominance [12/14/2023]
• World agrees to climate deal that makes unprecedented call to move away from fossil fuels, but 'cavernous' loopholes remain [12/13/2023]
• 'Historic' COP28 deal to 'transition away' from fossil fuels adopted [12/13/2023]
• Banning fossil fuels is now a make-or-break issue at climate talks [12/10/2023]
• Michigan Bans Fossil Fuels [semi-satire] [12/03/2023]

  ---

• How Far Will The Climate Cult Go? [12/15/2023]
• Climate Advocacy: Incompetence Or Intentional Fraud? [12/15/2023]
• Now scientists say BREATHING is bad for the environment: Gases we exhale contribute to 0.1% of the UK's greenhouse gas emissions [12/15/2023]
• Scientists drilled through 500 metres of Greenland's ice -- here's what they found at the bottom (evidence that it all melted away previously) [12/14/2023]
• Global carbon emissions from fossil fuels are at a record HIGH - with 36.8 billion tonnes emitted in 2023 [12/06/2023]
• EPA: Few Stations Show Increase in Hot Days; only 19% of all weather stations report an increase in the number of hot days since 1948! [12/03/2023]

  ---

• The Jedi 250 4L Isn't Sure If It Wants To Be A Bagger Or A Mini-Bike [12/14/2023]
• 1,200 Tons of Dead Fish Wash Ashore in Japan: 'I've Never Seen Anything Like This' [12/14/2023]

[Vaduz]

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.

[Fuzz]

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