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What will be the oil production in the U.S. in 2023 and 2024?

Updated: Apr 25, 2023

The U.S. Energy Information Administration published its production forecast for barrels of crude oil for 2023 and 2024.

This will increase to 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the 2019 record of 12.3 million b/d.

This estimate is due to forecasting of Energy Information Administration‘s expectations for crude oil prices and infrastructure capacity additions.

Another piece of information that was disclosed in the document is the price of a barrel in the US.

West Texas Intermediate (WTI) will average $77/b in 2023 and $72/b in 2024, down from $95/b in 2022.

And the EIA mention that they expect the WTI price to remain high enough to support crude oil production growth, especially in the Permian, where data from the Dallas Fed Energy Survey indicate that average breakeven prices range from $50/b to $54/b.

"The U.S. is expected to account for the lion's share of non-OPEC oil growth next year as American drillers pump a record amount of crude," said Bloomberg.

Crude oil production platform
Crude oil production platform

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