AM-15-51 Rebalancing Worldwide Crude Flows from North American Tight Oil Crude Growth

Description:

The rapidly rising crude oil production rates of North America are not just impacting the oil markets locally but are also having a significant global effect as well. Between 2008 and 2013, production in the U.S. rose by over 2.4 million BPD. Canada had the second highest growth rate at slightly below 750 MBPD. Over this same period, the entire world’s crude production rose by only 2.0 million BPD while global output excluding the U.S. declined by 400 MBPD. Even though Saudi Arabia has been the focal point of discussions behind the recent price drop, incremental U.S. production since 2008 has been nearly six times as great as Saudi gains.