U.S. Energy Information Administration said Tuesday it expects record U.S. crude oil production of 12.76 million barrels per day in 2023 and 13.09 million b/d in 2024. In its short-term energy outlook, EIA attributed the records to “higher expected well-level productivity and higher crude oil prices.” Previous forecasts July 11 were 12.6 million b/d in 2023 (new forecast up 1.6 percent) and 12.8 million b/d in 2024 (up 1.9 percent).
Previous record production was 12.3 million b/d in 2019.
In its forecast of Brent crude oil spot price, EIA now expects $83 per barrel for 2023 (previous $79, up 4.1 percent) and $86 per barrel for 2024 (previous $84, up 3.6 percent).