EIA Forecasts U.S. Crude Oil Production in 2023 to Exceed 2019 Record High
The EIA also expects U.S. commercial crude oil inventories will reach 465 million barrels at the end of 2023—about 11% more than inventories at the end of 2021.
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The U.S. Energy Information Administration (EIA) forecasts that U.S. oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. In its January Short-Term Energy Outlook (STEO), EIA forecasts U.S. crude oil production will increase for nine consecutive quarters, from the fourth quarter of 2021 through 2023.
EIA also expects OPEC to increase its crude oil production to 28.9 million barrels per day in 2023, up from an average of 26.3 million barrels per day in 2021.
“We expect global demand for petroleum products to return to and surpass pre-pandemic levels this year, but crude oil production grows at a faster rate in our forecasts,” said EIA Acting Administrator Steve Nalley. “We expect that as crude oil production increases, inventories will begin to replenish and help push prices lower for gasoline, jet fuel, and other products in the short term.”
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