EIA: U.S. Crude Oil Output to Hit New Records in 2023 and 2024

SEATTLE (Oil Monster): The US Energy Information Administration (EIA) expects the country’s crude oil production to average at 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, exceeding the previous record volumes of 12.3 million b/d set in 2019.

According to the January 2023 Short-Term Energy Outlook Report published by the agency, the US crude oil production had averaged an estimated 11.9 million b/d during the previous year.

The higher production forecast is primarily on account of anticipated increased production in the Permian region and in the Federal Offshore Gulf of Mexico (GOM).

The Permian region crude oil production is forecast to increase by 470,000 b/d to average 5.7 million b/d in 2023. The completion of new natural gas pipelines will help producers to transport more volumes of natural gas produced in the region. The crude oil production in the GOM will increase by 120,000 b/d in 2023. Meantime, the production in other regions will witness a slight decline, the report noted.

In 2024, EIA expects crude oil production in the Permian to increase by 350,000 b/d. The production in other regions of U.S. excluding Permian is forecast to increase by 70,000 b/d, while the GOM production will see marginal decline during the year.