The U.S. Energy Information Administration (EIA) on March 12 raised its forecast for U.S. domestic oil growth in 2024 by 90,000 bbl, but lowered its forecast for global oil production growth due to production cuts from OPEC+.
U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise this year by 170,000 bbl/d.
Production notched an annual record of 13.21 MMbbl/d in 2023.
U.S. crude oil production is expected to rise by 460,000 bbl/d to 13.65 MMbbl/d in 2025, EIA said.
U.S. total petroleum consumption will rise by 200,000 bbl/d to 20.4 MMbbl/d in 2024, in line with previous forecasts, but will rise to 20.6 MMbbl/d in 2025, a 100,000 bbl/d rise from the EIA's previous forecast.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.