US Crude Output Growth Expected to Slow Amid Soaring Costs
- EIA lowers its crude production forecast for 2022, 2023
- Oil companies raising annual budgets to meet output targets
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American drillers will increase oil production at a slower pace than previously expected amid surging costs, stymieing the Biden administration’s hope that the industry will boost output to tame fuel prices.
The US cut its forecast for domestic oil production to 11.9 million barrels a day this year, compared with a previous estimate of 12.01 million, the Energy Information Administration said in a monthly report. It’s the first time 2022 supply was forecast under the 12 million barrel mark since February but an increase from last year’s output of 11.2 million barrels a day.