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"US Oil Production Set to Soar, Breaking Records Under Biden Administration"

1 min read
Source: Reuters
"US Oil Production Set to Soar, Breaking Records Under Biden Administration"
Photo: Reuters
TL;DR

The Energy Information Administration (EIA) predicts that US crude oil production will reach a record high of 12.76 million barrels per day (bpd) in 2023, an increase of 850,000 bpd from current levels. The EIA also forecasts a further rise to 13.09 million bpd in 2024. These projections are attributed to higher well-level productivity and increased crude oil prices. Additionally, the EIA expects global benchmark Brent crude oil prices to average $86 per barrel in the second half of 2023. The report also highlights rising US natural gas production and demand, with both expected to reach record highs in 2023.

Topics:businessenergy#energy#energy-information-administration#global-oil-demand#natural-gas-production#oil-prices#us-crude-oil-production
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  1. US crude output to rise to record 12.76 million bpd in 2023 - EIA  Reuters
  2. Oil Prices Hold Onto Gains Despite Surprise Crude Build  OilPrice.com
  3. Under Biden, US oil production is poised to break Trump-era records  CNN
  4. US Oil Output to Hit Record 12.8 Million Barrels a Day in 2023  Bloomberg
  5. EIA Raises Brent Spot Price Forecast  OilPrice.com
  6. View Full Coverage on Google News

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