EIA Sees US Crude Oil Production Hitting Record High in 2023

The US Energy Information Administration forecast record US crude oil production in 2023 at 12.8 million barrels per day, up from an expected 11.9 million barrels per day of production in 2022.

In its July Short-Term Energy Outlook, the EIA expects the Brent crude spot price to average $104 per barrel in 2022 and $94/b in 2023. Brent averaged $71/b in 2021.

Global oil inventories will rise 0.8 million b/d in 2022 and remain unchanged in 2023, reflecting rising production of liquid fuels in the US and the Organization of the Petroleum Exporting Counties, paired with slowing liquid fuels consumption growth, the EIA said.

Global consumption of liquid fuels is forecast to rise grow by 2.2 million b/d in 2022 and by 2.0 million b/d in 2023, according to the agency.

About Stu Turley 1967 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat. Stuart is on Board Member of ASN Productions, DI Communities Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.