Crude oil production in the United States could reach 12.6 million barrels daily next year, which would be a record high on an annual-average basis, the Energy Information Administration said in its latest Short-Term Energy Outlook. Oil production was already growing strongly, reaching 11.8 million bpd in November—the latest month the EIA has hard data for.
It is still growing, too, and is expected to hit 12 million bpd this year. Growth in U.S. production as well as growth in OPEC+ production prompted the EIA to revise its price projections…U.S. Oil Output Could Hit Record In 2023: EIA
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