Oil Output in US Set for Record 2023 Despite Slowing Growth
- Crude production forecast next year adjusted slightly lower
- This year’s oil-output forecast was also revised lower
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US oil production remains on track for a record 2023 even as output grows more slowly than anticipated amid surging costs and labor shortages in America’s shale fields.
Output is expected to expand at an average rate of 840,000 barrels a day next year, down from a prior forecast of 860,000, according to the Energy Information Administration. While production is still seen reaching an all-time high in 2023, the government revised its forecast slightly lower to 12.7 million barrels a day. The current annual record is 12.3 million set in 2019.