U.S. Shale Producers Are Set to Pick Up the Pace Amid Russian Ban
- EIA raises Brent, WTI estimates through 2023 by $20 a barrel
- Demand for petroleum set to grow further during 2022, 2023
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U.S. crude production is set to continue climbing as surging oil prices following Russia’s attack on Ukraine prompt producers to drill even more.
This year’s production forecast will rise to 12 million barrels a day from an earlier projection of 11.97 million, the EIA said in its monthly Short-Term Energy Outlook report. Oil output will average 13 million barrels a day in 2023, an increase from its previous estimate of 12.6 million, according to Energy Information Administration data. The current annual all-time high of 12.3 million barrels a day was set in 2019.