![]() ![]() Next year, US oil output is projected to climb to another record of 13.1 million barrels per day. The just-released 2023 production forecast from the US Energy Information Administration, or EIA, marks an upgrade of 200,000 barrels from its prior forecast. If anything, the outlook for US oil production has brightened recently – in large part because oil prices have rebounded from recession fears and drillers have become more efficient. But while its speed is slower than it used to be, it’s “maturing, it’s not dead,” he said. “There’s a narrative out there that US production is dead or dying,” said Hunter Kornfeind, oil market analyst at Rapidan Energy Group. The looming milestone undercuts the argument made by some 2024 GOP presidential contenders that the Biden administration is strangling the oil industry with red tape. It’s also more oil than any other country on the planet produces - the next-closest nation, Saudi Arabia, produces about 10 million barrels per day, according to OPEC. US oil output is now projected to rise to an average of 12.8 million barrels per day this year for the first time ever, according to federal estimates released Tuesday.įor context, that’s about half a million barrels per day more than the prior annual record set in 2019. And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration. Critics accuse President Joe Biden of waging a war on the oil industry that is hurting consumers at the gas pump. ![]()
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