BAKU, Azerbaijan, September 15. The US liquids output is anticipated to decrease by 40,000 b/d from August through the year-end, with NGLs experiencing seasonal losses of 160,000 b/d.
According to the data obtained by Trend from the International Energy Agency (IEA), the country's annual production growth is expected to slow down, transitioning from a 1.2 mb/d increase in 2023 to 430 kb/d in the following year.
This deceleration is attributed to a decrease in the growth rate of LTO to 430,000 b/d, and NGLs to 80,000 b/d.
Meanwhile, in August, US oil supply remained steady at 19.3 mb/d. Small increases in crude oil production, primarily driven by activities in the Gulf of Mexico, offset an equivalent decrease in NGLs output. Compared to the same period last year, US production saw a notable rise of 1.1 mb/d and a year-to-date increase of 760,000 b/d, the IEA's data shows.
The total supply forecast of the IEA for 2024 is estimated to reach 19.5 mb/d, with crude oil accounting for 13.1 mb/d and NGLs contributing 6.4 mb/d to the total.