The US EIA stated yesterday that US crude oil production is forecast to rise in 2022 and 2023 to record-high levels. EIA noted that in its February 2022 Short-Term Energy Outlook (STEO), it forecast that crude oil prices will remain high enough to drive U.S. crude oil production to record-high levels in 2023, reaching a forecast 12.6 million barrels per day (b/d). It expects new production in the Permian Basin to drive overall US crude oil production growth. EIA crude oil production forecast assumes the West Texas Intermediate crude oil price averages $79/b in 2022 and $64/b in 2023, which will lead to continued increases in drilling activity and crude oil production in the United States.
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