EIA: US Oil Production May Reach a New Record by 2023

The US Energy Information Administration expects US oil production to exceed pre-pandemic levels over the next year, supported by a jump in shale oil production, with high prices spurring producers to increase production.

In its January Short-Term Energy Outlook, the administration said average US crude production could record 12.4 million barrels per day next year, surpassing the annual record of 12.3 million barrels per day in 2019, well before the outbreak of the pandemic.

This comes after the annual average of US oil production in 2021 fell by 100,000 barrels per day to 11.2 million barrels per day, due to weather-related shutdowns in February and Hurricane Ida in August and September.

As for the current year, the average annual production of US crude oil is expected to grow to 11.8 million barrels per day, and the report expects US crude oil production to increase over nine consecutive quarters from the fourth quarter of 2021 to 2023.