According to foreign news on June 24th, although US oil production has remained stable for the past 10 months, it is still expected to reach an annual record high in 2024.

Rystad Energy predicts that global oil supply will approach zero growth this year, marking the first time since 2020.

Despite flat growth, the United States will set a new record for oil production in 2024 due to higher daily production than in 2023.

The current oil production in the United States is similar to 10 months ago. In August 2023, the United States produced 13 million barrels per day of crude oil. By the end of 2023, this number gradually increased to 13.3 million barrels per day, but then decreased to 13.1 million barrels per day.

In a report released earlier this month, Rystad stated, "US shale oil remains a reliable source of growth, although less resilient to price changes, the industry has become more stable after several rounds of mergers and acquisitions. This has reduced the short-term unexpected upward potential for US production growth."

Rystad's report further adds that, following the latest news from OPEC, it expects global oil supply to approach zero growth this year, marking the first time this situation has occurred since 2020.

If production growth remains unchanged for the remainder of this year, how can the United States set a new annual production record in 2024? The reason is that the initial production in 2023 was approximately 12.5 million barrels per day. In the last two months of 2023, production gradually increased to a peak of 13.3 million barrels per day, but the average annual production was 12.9 million barrels per day.

In 2024, except for January, the monthly production is above 13 million barrels per day. The average level so far in 2024 is about 13.1 million barrels per day, which is 200,000 barrels per day higher than the average level in 2023. Therefore, even if the production growth for the remaining time of 2024 is zero - in fact, even if production slightly decreases - the United States will set a new record for oil production this year.

The only way this situation will not occur is for US production to significantly decline in the second half of this year. There are no predictions indicating that this is possible, so as predicted in January, the United States is expected to set a new record for oil production this year.

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