Soaring US oil production in 2023 allowed the country to accelerate away from competitors and open up a wide margin as the world’s largest oil exporter. US oil flooded into the space created by renewed Opec+ cuts, dampening their impact and pushing the alliance’s largest producers into implementing a series of additional voluntary cuts in a bid to impose a price floor (MEES, 1 December 2023).
Preliminary figures indicate that US gross liquids exports increased by 700,000 b/d last year to a record 10.20mn b/d. This was more than 2mn b/d higher than exports from its nearest rival, Saudi Arabia. MEES estimates that Saudi exports averaged 7.93mn b/d last year, down by around 900,000 b/d from 2022 as the kingdom implemented deep production cuts and increased domestic consumption. (CONTINUED - 1026 WORDS)
