Page 125 - RusRPTApr24

While the OPEC+ continues to restrict its oil production, countries in the Western Hemisphere are increasing theirs, effectively conceding their share of the global market to non-OPEC+ producers. Oil production in the Western Hemisphere surged in the decade from 2012 to 2022, accounting for 34% of the world's supply in 2022, up from 27% in 2012, according to an analysis by Reuters market analyst John Kemp. Kemp's analysis showed that during that decade, production growth in the United States and other Western Hemisphere producers amounted to 8.7mn barrels per day, matching the overall increase in global oil consumption of 8.6mn barrels per day. The rise in oil production in the Western Hemisphere effectively reflected the entire growth in global oil demand from 2012 to 2022. For this year, oil production in non-OPEC countries is expected to grow by another 1.2mn barrels per day, driven by the United States, Canada, Guyana, Brazil, and Norway, according to OPEC's monthly oil market report for February.
Several OPEC+ countries, including Russia and Saudi Arabia, have announced the extension of additional voluntary oil production cuts for
125 RUSSIA Country Report April 2024 www.intellinews.com