U.S. oil production will grow even more than the government previously expected as a scorching price rally drives producers to boost drilling.
Oil output will average 12.6 million barrels a day in 2023, an increase from its previous estimate of 12.41 million, according to Energy Information Administration data. The current annual all-time high of 12.3 million barrels a day was set in 2019. This year’s production forecast also was revised higher to 11.97 million barrels a day from an earlier projection of 11.8 million, EIA said in its monthly Short-Term Energy Outlook report.
