World Oil


(Bloomberg) – The United States slashed its forecast for the nation’s oil production growth next year, predicting that output will fall short of an all-time high.

US sees oil growth slowing in 2023, falling short of record- oil and gas 360

Source: Reuters

America’s crude production will rise to 12.31 MMbpd in 2023, down from an earlier estimate of a record 12.36 MMbpd, the Energy Information Administration said in a monthly report Tuesday.

The forecast is the latest sign that production from U.S. shale fields – one of the world’s few sources of major oil-output growth in recent years – is slowing and will never rebound to pre-pandemic highs. That’s a blow to the global market, which needs U.S. barrels to help make up for OPEC’s production cuts and supplies upended by Russia’s invasion of Ukraine.

Oil-supply increases in 2023 will be limited by labor shortages, high equipment costs and supply-chain constraints, the chief executive officer of Permian producer EOG Resources Inc. said last week.

His comments echoed ConocoPhillips CEO Ryan Lance’s recent warnings about narrow US production growth next year.


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