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Non-Opec-Plus: North American Supply Soars to New Records

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February production of liquids by countries not aligned with Opec-plus amounted to 51.2 million barrels per day, a monthly uptick of 80,000 b/d but a gain of nearly 1.5 million b/d on the same month last year. Both the US and Canada are rolling along in record territory for their upstream activities, while Brazilian crude production is getting pluckier after a lackluster 2024. NGL production in the Americas has eclipsed 8 million b/d and is believed to have posted a new record in February. The year has started out with gusto for non-Opec-plus, but with all the volatility stemming from an incipient tariff war, the sustainability of this output level is questionable.

Topics:
Oil Supply, Crude Oil, Non-Opec Supply, NGL/LPG
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