March 2, 2024

Taylor Daily Press

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The US and Canada are OPEC's bulwarks

The US and Canada are OPEC's bulwarks

In short. By 2023, the United States and Canada combined will produce more oil and gas than any other region in the world, including the Middle East. This success is a combination of favorable circumstances. Think of the production quotas of OPEC and its allies, the growth of unconventional oil and gas extraction. Partly excluding Russia from the European gas market also helps.

Why is this important?

Record production in the US and Canada has major consequences for the global economy and energy markets. It underscores the shift in global energy supply, impacts on geopolitical relationships, and shows the limited influence of OPEC's production cuts. This scenario strengthens North America's position as a dominant player in the energy market, while raising questions about sustainability and climate change.

A very large production

In the message. US and Canada increase oil and gas production by 2023 To an ever higher level. It produced more than any other region in the world.

  • Despite moderate growth in the global economy, demand for hydrocarbons has increased. It is expected to be even higher in 2024.
    • Hydrocarbons It is the base of many fuels like petrol, diesel, kerosene and natural gas. They are also used in many other things
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