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U.S. Sees Record Oil Production Next Year Moving Even Higher

  • 2022 output seen reaching nearly 12 million barrels a day
  • EIA increase oil consumption forecasts through next year
Updated on

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 was also revised higher to 11.97 million barrels a day from an earlier projection of 11.8 million, the EIA said in its monthly Short-Term Energy Outlook report.