The EIA expects U.S. crude oil production to average 13.2 million barrels per day b/d in 2024an increase of 2% from 2023 levels
The U.S. Energy Information Administration EIA released its June 2024 Short-Term Energy Outlook STEO today. The EIA expects U.S. crude oil production to average 13.2 million barrels per day b/d in 2024—an increase of 2% from 2023 levels. The EIA sees U.S. crude oil production averaging 13.7 million bpd in 2025. The increase in production will be led by the Permian , according to the EIA , and Eagle Ford.
At that time, we expect that some OPEC producers will keep production below the targets in an effort to limit global oil inventory builds,” the EIA said in its report. While crude oil production forecasts have held steady, pricing forecasts have not. In terms of pricing, the EIA is now forecasting Brent crude oil prices to average $84 per barrel in 2024, up from an average of $82 per barrel in 2023 and $101 per barrel in 2022. The EIA’s previous report forecast 2024 Brent spot pricing at $88.
STEO Shale Oil Oil Production Oil Prices Gas Shale Permian
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