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Recently, the 2026 oil industry report released by S&P Global Commodity Insights’ CERA division indicated that the eight major oil field development projects set to come online by 2026 will add more than 450,000 barrels per day to global crude oil supply. Africa and South America play a decisive role in this regard; the increase in production in the United States and the Middle East is limited, and the new production capacity is concentrated among countries that are not part of OPEC+, with offshore and deep-water projects being the main focus. In Uganda, the Tiringa and Kingfisher projects in the Albert Basin have secured the two key awards for 2026: \"Largest New Oil Field\" and \"Largest Increase in Market Supply\", with both projects scheduled to go into operation in October. Among them, the Tilenga project operated by French energy company TotalEnergies is the project with the largest annual production increase; its initial daily output was nearly 149,000 barrels, and it involves 6 onshore oil fields, with an estimated recoverable reserve of 836 million barrels ； The Pelican project, operated by CNOOC, has an initial daily production of 27,000 barrels; this figure is expected to rise to nearly 40,000 barrels per day by 2027. The recoverable reserves amount to over 214 million barrels, and as of November 2025, the completion rate of the project was already 74%. The extraction period for these two projects will be at least 20 years, with an estimated total oil production of 1.4 billion barrels, and a combined peak daily production of 230,000 barrels. However, the export of products from the Uganda project relies heavily on the East African Crude Oil Pipeline, which is 1,443 kilometers long and used to transport crude oil from Uganda to Tanzania for export. The construction of this pipeline is 75% complete, but progress has been delayed due to environmental concerns; it is expected to become operational in July 2026, and this represents a key constraint on the project’s capacity to produce goods. Guyana and Brazil in South America have become the world’s second-largest growth segment thanks to their deep-water oil field projects. The Stabroek Ultra-Deep Water Field in Guyana ranks second on the list of the largest new oil fields to come online by 2026; it is operated by ExxonMobil and represents its fifth oil and gas asset developed in the Stabroek block, with production set to begin in July. This block is one of the largest offshore oil and gas fields in the world. Its current daily production is around 900,000 barrels. The Ura oil field is estimated to have reserves of 825 million barrels; its initial daily production will be 136,000 barrels, rising to 215,000 barrels by 2027, which will help Guyana move up from being the fifth-largest oil producer in South America to among the top three. Brazil is simultaneously advancing Project Buçios 8, utilizing the P-79 floating production, storage, and offloading unit (FPSO) to add 180,000 barrels per day of processing capacity for ultra-deepwater subsea oil and gas fields. The daily production at the start of the project was 23,700 barrels, and it is expected to exceed 152,000 barrels by 2028. Petrobras is working together with CNOOC to plan the addition of 6 new FPSOs to this oil field, which is expected to generate an additional production capacity of around 1.4 million barrels per day by 2030, thereby strengthening Brazil’s advantages in deep-sea oil and gas production. In the Middle East, only Iraq has projects that have made it to the shortlist. The East Baghdad shallow-water oil field is scheduled to see an expansion by mid-2026, resulting in an additional daily production of 46,500 barrels. Once the expansion of the southern oil fields is completed, the total daily production will reach 120,000 barrels per day. The oil produced there is mainly light to medium quality, and it accounts for a relatively small share of the regional production increase. The increase in crude oil production in North America is concentrated in the United States. The Picua oil field in Alaska is the most promising onshore oil and gas asset in this region; it is developed jointly by Santos and Repsol and is located in the North Slope Basin. It includes facilities for crude oil processing as well as drilling sites. By the end of 2026, its daily production volume is expected to be 41,000 barrels, with a peak level of 76,000 barrels per day. The estimated recoverable reserves amount to 425 million barrels. Two deep-water projects in the Gulf of Mexico came online in the first half of the year, adding a total of 39,000 barrels per day to production capacity: Phase 2 of the Buckskin oil field began operations in March, adding 18,600 barrels per day, with recoverable reserves of 149 million barrels ； The Monument oil field came online in July, with a daily production of over 20,000 barrels and recoverable reserves of 150 million barrels. Regarding the impact of increased production on the oil market, Saudi analyst **** Aziz Mukbil noted that although there are many new upstream projects in 2026, the reliability and ability to bring these additional production capacities online are constrained by various risks related to materials, technology, and project implementation. Factors such as environmental concerns and infrastructure delays may turn the nominally added production capacity into intermittent supply or delayed deployment. However, due to limited demand, the additional production capacity will still exacerbate the expectation of an oversupply in the crude oil market by 2026, adding uncertainty to global oil price trends.