Four countries could account for most near-term petroleum liquids supply growth

In 2023, the world produced an estimated 101.8 million barrels per day (b/d) of petroleum and other liquids: mostly crude oil but also lease condensate, natural gas liquids, biofuels, and other liquids from hydrocarbon sources. We expect the global petroleum and other liquids supply to increase by about 0.4 million b/d in 2024 and 2.0 million b/d in 2025. This growth will be driven primarily by rising crude oil production from four countries in the Americas�the United States, Guyana, Canada, and Brazil�which would partially offset near-term voluntary production cuts in 2024 that we expect from countries participating in the OPEC+ agreement.