U.S. crude oil production is set to exceed pre-pandemic levels next year, driven by a jump in shale output as higher prices incentivize producers to drill more wells to offset decline rates, the Energy Information Administration says. America’s crude oil production is set to average 12.4 million barrels per day (bpd) next year, the EIA said in its January Short-Term Energy Outlook (STEO), in which it revealed its first estimates for 2023.
The annual average U.S. oil production fell in 2021 by 100,000 bpd to average…U.S. Oil Production To Hit New Record In 2023
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