Sydney, Australia-based Macquarie Group, global financial services company and investment bank, said it expects U.S. crude oil production to reach about 14 million barrels per day by yearend 2024. According to Oil & Gas Journal, the projections in a recent report by Macquarie include a slight downward adjustment in the shale outlook offset by anticipated strength in Gulf of Mexico. Analysts also expect a further increase to about 14.5 million b/d by yearend 2025 despite the expectation for lower crude prices in the year.
In its latest energy outlook released March 12, U.S. Energy Information Administration said U.S. crude oil production will average 13.19 million b/d in 2024 and 13.65 million b/d in 2025.