US Oil Output Expected to Flatline Until 2025, Easing Glut Concerns
- January production slid to 12.6 million barrels a day: EIA
- Global markets to have 120,000 barrel deficit in 2024
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The US expects domestic oil production to flatline for most of this year before reaching a new record in early 2025.
The pullback follows a year of surprising US output growth that dampened the impact of production cuts by OPEC and its allies. If the forecast holds, US output will recede modestly during the first quater just as OPEC+ exports fall back — potentially supporting crude prices that are down more than 20% from last year’s highs.