U.S. Energy Information Administration said last week Texas and New Mexico contributed the most growth as U.S. crude oil production increased 5.6 percent (0.6 million barrels per day) in 2022 compared to 2021. U.S. averaged 11.9 million b/d in 2022. EIA said attribute the growth to the Permian Basin. Crude oil production grew more in New Mexico than in any other state for the third straight year. Production in New Mexico grew by a state record 0.3 million b/d to 1.6 million b/d in 2022.
EIA said U.S. total crude oil production is expected to grow to 12.5 million b/d in 2023 and 12.7 million b/d in 2024. Production fell in California for the eighth straight year, in Alaska for the fifth straight year and in North Dakota for the third straight year in 2022.
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