US oil output expected near record high in 2023 at 13 mn barrels daily: EIA
US oil output is expected to return to a near record high averaging 13 million barrels daily by next year, the Energy Information Administration forecast as oil drillers in the country suggested they may produce more after crude prices hit 14-year highs above $130 a barrel.
“We forecast that production will rise to average 12.0 million b/d in 2022 and then to record high production on an annual-average basis of 13.0 million b/d in 2023,” the EIA said in its monthly report on the US Short-Term Energy Outlook on Tuesday.
US oil production hit all-time highs of 13.1 million barrels daily in March 2020, just before the onset of the coronavirus pandemic.
