US crude will account for 60% of non-OPEC growth – Goldman Sachs

Global investment bank Goldman Sachs has predicted that US crude oil production will account for 60% of non-OPEC output growth this year.

PHOTO: A silhouette of an oil drilling pump against the background of the US flag. Getty Images

The US crude oil production is expected to grow by 500,000 b/d in 2024, accounting for about 60% of the total non-OPEC crude output growth, Goldman Sachs predicted.

Last year, US crude oil production exceeded market expectations, with output growing by more than 1 million b/d, it said. Improved drilling efficiency and technological advancements will drive growth in oil production in the world’s largest oil consumer this year, the Wall Street bank added.

Although slowing, the growth in US crude oil production will “remain robust” through 2026.

Non-OPEC+ production is expected to grow over the coming years

Earlier this month, the International Energy Agency (IEA) predicted global oil output to grow by 770,000 b/d to 103 million b/d, mainly driven by leading non-OPEC producers including the US, Brazil, Canada, and Guyana.

The Paris-based energy agency said it expects OPEC+ crude consumption to decline this year to 41.1 million b/d as demand growth continues to recede and non-OPEC+ output expands.

The US Energy Information Administration (EIA) also projected a similar situation where production growth outside of OPEC+ is expected to remain strong in 2025.

“We now expect OPEC+ liquid fuels production to decrease by 1.3 million b/d in 2024,” the EIA said. It expects crude oil production from non-OPEC countries to grow by about 1.9 million b/d this year.

By Aparupa Mazumder 

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