*US crude output remains at or near record levels but has flatlined at 13.2-13.3mn b/d in recent months. In contrast, NGLs production continues to hit a series of new record highs. Having topped 7mn b/d for the first time in August (MEES, 1 November), output rose by a further 130,000 b/d to a new record of 7.16mn b/d for September (see chart 1).
US Oil Output: NGLs Steal The Show As Overall Output Tops 20mn b/d
US output growth has slowed this year but production is still set to rise by over 600,000 b/d for 2024 as a whole to top 20mn b/d for the first time, with further growth of 350,000 b/d projected for 2025. With crude output largely flatlining at 4Q 2023 levels, NGLs have grabbed the limelight as output has surged above 7mn b/d in recent months and exports top 3mn b/d for the first time.
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Charts
1: US NGLs Output* Surged To New Record 7.16mn b/d For September (mn b/d)
2: US Liquids Output (mn b/d): Though Crude Output This Year Has Largely Flatlined At 4Q 2023 Levels, NGLs Continue To Post Strong Gains Boosting Total Q3 Output To A New Record High
3: On An Annual Basis The EIA Continues To Project* Substantial Growth Both This Year And Next, With 2024 Set To Top 20mn b/d For The First Time (mn b/d)
NGLs Have Been Key To US Petroleum Exports Growth This Year, With Q3 Seeing NGL Export Records On Both A Gross (2.93mn b/d) And Net (2.77mn b/d) Basis
REFERENCED MEES ARTICLES
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