Commodities
US Oil Output to Hit Record This Year, Helping Counter Saudi Cuts
- US output to hit record of 12.8 million barrels a day in 2023
- Agency’s outlook for refined-products demand has weakened
An oil pump jack in Midland, Texas, in March.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast.
Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday. The US averaged about 11.9 million barrels a day in 2022.