U.S. crude oil production has overwhelmingly exceeded earlier forecasts and has grown at a much faster pace this year, offsetting much of the OPEC+ efforts to push up prices by coordinated supply reductions.
U.S. production growth is expected to continue into the new year, thanks to further gains in efficiency and higher spending and production plans by the U.S. supermajors that have just announced megamerger deals.
Some analysts predict that the U.S. oil output increase will slacken in 2024.
But others, including industry officials, see the estimates of production growth by the Energy Information Administration (EIA) as too conservative for 2024, and believe that U.S. shale production could top projections again.
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