EIA: US Crude Set to Grow Through 2022

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US crude oil production is set to grow from a low in the first quarter this year through the end of 2022, adding 1.25 million barrels per day while being supported by sustained high oil prices, according to the US Energy Information Administration (EIA). In its latest Short-Term Energy Outlook, released Tuesday, the EIA forecasts US oil production will reach 12.18 million b/d in the fourth quarter of 2022, up from 10.75 million b/d in the first three months of 2021. But the agency revised down its growth path for oil output, even as it nudged up its projected average for US oil price benchmark West Texas Intermediate (WTI). US crude production is now seen at 11.04 million b/d in full-year 2021, down 110,000 b/d from the EIA's previous forecast, while 2022 output is projected at 11.86 million b/d, down 160,000 b/d (OD Mar.9'21). The agency didn’t explain why it sees lower output growth at higher prices, although most domestic producers have so far signaled that they intend to maintain their commitment to prioritize shareholder returns and free cash flow over production growth (OD Feb.23'21). In its March report, the EIA pumped up its US crude production outlook by 500,000 b/d in 2022 on the expectation of higher prices. EIA Short-Term US Energy Outlook - April 2021 Energy Supply 2020 2021 2022 Crude Oil Production

Oil Demand, Oil Inventories, Oil Supply, Crude Oil
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