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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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EIA forecasts record crude oil production in U.S. in 2023 and 2024

August 11, 2023 by PBOG

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).

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