US Sees Record 2023 Oil Output in Reversal After Cutting Outlook
A combine harvester drives past a pumpjack in an oil field in Plainville, Kansas.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
The US raised its forecast for oil production next year, reversing course after five straight months of cuts that stoked concern about a slowdown in output from shale fields.
Production is poised to average 12.34 million a barrels a day next year, topping the record 12.315 million barrels a day set in 2019, according to a monthly report from the Energy Information Administration. That’s an about-face for the government agency following a sharp downward revision in November. The estimate for this year’s output also got a boost.