US Cut Oil Output Forecast Again as Shale Growth Slows Down
- Shale drillers are sticking to pledges of capital discipline
- Global buyers are clamoring to replace Russian supply
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The US slashed its forecast for 2023 oil production in the latest sign that world crude markets can’t rely on American shale fields to ramp up supply quickly enough to reduce high energy prices over the next year.
Production is now estimated to hit 12.31 million barrels a day in 2023, according to a monthly report from the Energy Information Administration released Tuesday, a fifth straight downward revision by the government agency. Next year’s output was previously expected to surpass the record 12.315 million barrels set in 2019.