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Raymond James Sees Biggest Crop of New Oil Projects in a Decade

Bloomberg · last updated

A flurry of oil projects from Brazil to Saudi Arabia are set to come online this year, providing the biggest infusion of new crude production in more than a decade.

Fresh oil field output is expected to total about 2.9 million barrels a day in 2025, up from about 800,000 barrels last year, according to data from Raymond James. That’s the most in data stretching back to 2015. Among the largest projects are the Tengiz field in Kazakhstan and Bacalhau in Brazil, as well as the Berri and Marjan expansions in Saudi Arabia. The projections for this year and next are subject to delays, and could change.

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