Hydrocarbon Production Trends in the Atlantic Basin

The Atlantic Basin is a significant region for the international hydrocarbon industry, highlighted by the United States leading global oil production at 20.3 million barrels per day (Mb/d), representing nearly a quarter of projected global output of 103-104 Mb/d in 2024. Canada follows as the second-largest producer in the basin with 5.83 Mb/d, while Brazil ranks third at 3.39 Mb/d, with significant African contributions from Nigeria (1.28 Mb/d) and Angola (1.16 Mb/d). In natural gas, the U.S. again leads with 1,035 billion cubic meters produced in 2023, followed by Canada at 190 billion cubic meters, and other notable producers like Nigeria (43.7 billion cubic meters) and Argentina. Emerging players include Guyana, producing over 600,000 barrels per day since December 2019, projected to reach 1.3 Mb/d by 2027, and Senegal, which began production in June 2024 at 100,000 b/d. Future production increases are anticipated from the U.S., Canada, Brazil, Guyana, Argentina, and Côte d’Ivoire, while Nigeria and the Republic of Congo are set to ramp up liquefied natural gas (LNG) production. The OPEC+ coalition faces challenges in managing global oil prices, currently around $74 per barrel, as increased output from Atlantic Basin countries contributes to an oversupply despite production cuts. Additionally, Suriname and Namibia are expected to emerge as new oil producers by 2030, while Senegal and Mauritania aim to start LNG exports in 2025, indicating a robust hydrocarbon production capacity shaping the future of the global energy market.

Source: Policy Center for the New South