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US Crude Production Growth to Stall Through 2025, Easing Oil Glut Concerns

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Source: Reuters
US Crude Production Growth to Stall Through 2025, Easing Oil Glut Concerns
Photo: Reuters
TL;DR

The U.S. Energy Information Administration (EIA) has revised its forecast for domestic oil growth in 2024, projecting a slower increase of 170,000 barrels per day (bpd) compared to last year's 1.02 million bpd. U.S. crude oil production is expected to reach 13.21 million bpd in 2024, with a slight decrease in the middle of the year. Global oil inventories have risen due to disruptions in the Red Sea shipping lane, and the EIA anticipates a rise in crude oil prices into the mid-$80s followed by downward pressure in the second quarter of 2024.

Topics:businessenergy#eia#energy#energy-outlook#global-oil-inventories#oil-prices#us-crude-production
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  1. Growth in US crude production to slow sharply in 2024, EIA says  Reuters
  2. Oil rises on lower-than-expected rise in U.S. crude stockpiles  Reuters
  3. Oil edges up on smaller US output growth estimates  CNBC
  4. U.S. Crude Oil Production To See Zero Growth This Year EIA  OilPrice.com
  5. US Oil Output Expected to Flatline Until 2025, Easing Glut Concerns  Yahoo Finance

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