OPEC+ production cuts and extended supply reductions by Saudi Arabia and Russia have pushed oil prices to a peak of over $90 per barrel for 2023. 

Global demand in 2024 is likely to decelerate due to weak economic growth while supplies remain elevated. 

The biggest players in OPEC+ are getting serious about making sure supply doesn’t exceed demand.

OPEC+ may be forces to ones again extend or deepen oil cuts in 2024 as supply balances remain elevated, Citi analysts said. 

What about independent oil production and newcomers? 

Guyana is expected to pump 1.2 million barrels of crude oil per day by 2027, surpassing many OPEC members, driven by ExxonMobil’s development of the Stabroek Block, OilPrice reports. 

Crude production in South America will reach 9 million barrels per day. 

Brazil will lead the region with 5 million barrels per day in 2030, with Guyana and Argentina almost tied in second and third place, Rystad Energy said.

Vaca Muerta shale formation accounts for nearly half of Argentina’s oil and 60% of its natural gas, potentially producing 1 million barrels of oil per day by 2030.