The U.S. Energy Information Administration (EIA) on Tuesday raised its forecast for U.S. domestic oil growth in 2024 by 90,000 barrels, but lowered its forecast for global oil production growth due to production cuts from OPEC+.
U.S. crude oil production will rise by 260,000 barrels per day (bpd) to 13.19 million bpd this year, the EIA said in its Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise this year by 170,000 bpd.
Production notched an annual record of 13.21 million bpd in 2023.
U.S. crude oil production is expected to rise by 460,000 bpd to 13.65 million bpd in 2025, EIA said.
U.S. total petroleum consumption will rise by 200,000 bpd to 20.4 million bpd in 2024, in line with previous forecasts, but will rise to 20.6 million bpd in 2025, a 100,000 bpd rise from the EIA’s previous forecast.
(Reporting by Laura Sanicola and Georgina McCartney Editing by Marguerita Choy)