EIA expects U.S. oil production to reach a record in 2023

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The Energy Information Administration said Tuesday that it expects annual US oil production to reach a record high next year. The government agency forecast production averaged 11.2 million barrels per day in 2021, and saw an increase to 11.8 million barrels per day this year, with production at 12.4 million barrels per day in 2023 – the highest annual average on record, according to Monthly Short-term Energy Outlook Report, “We expect global demand for petroleum products to return to pre-pandemic levels this year, but crude oil production continues to grow at a faster rate than we forecast,” EIA Acting Administrator Steve Nalli said in a statement. “We expect inventory to begin replenishing as crude production increases and help drive prices down for gasoline, jet fuel and other products in the short term.” The EIA raised its 2022 forecast for West Texas Intermediate crude prices to $71.32 a barrel, up 7.4% from its December forecast. In Tuesday’s deal, February WTI crude CLG22,
+4.12%
It continued to trade at $81.30 per barrel, with a strength of $3.07, or 3.9%.

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