EIA Sees US Record US Production in 2023

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In the latest Short-Term Energy Outlook, the US Energy Information Administration (EIA) forecasts US crude production to average 12.77 million b/d in 2023, down from the 12.97 million b/d it projected last month. That would nonetheless be an all-time high for a full-year average for US output, and well above the current record of 12.3 million b/d set in 2019. Domestic production is projected to jump over 13 million b/d for the first time in the fourth quarter of 2023. US crude output averaged roughly 12.1 million b/d in late June. Including natural gas liquids and biofuels, US total liquid production would average 20 million b/d in 2023, which would also be the highest on record. Total liquids output for 2022 is seen at 18.82 million b/d, which is 1.25 million b/d higher than the prior year.

Oil Supply, Crude Oil, Non-Opec Supply
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