A monthly report by the U.S. Energy Information Administration predicted that U.S. crude oil production will rise by 850,000 barrels per day to 12.76 million in 2023. According to management data, crude oil production is expected to rise by 330,000 barrels per day to 13.09 million in 2024.
U.S. oil production hit an all-time high of 12.3 million barrels per day in 2019, before the Covid-19 pandemic crushed demand and prices and drilling was hit by rising costs that reduced profit margins and investor demands to limit spending. The management report expected the price of a barrel to reach $ 86 in the second half of 2023, up about $ 7 from previous expectations.
Source (Al-Arabiya.net Website, Edited)
