U.S. crude production will increase to 13.21 million barrels per day (bpd) in 2024, forecasted the Energy Information Administration (EIA) in a report, lowering growth expectations for pumping by 120,000 bpd.
The EIA forecasted that crude production will rise by 170,000 bpd this year, down from the previously expected increase of 290,000 bpd.
In December, U.S. crude production reached a record high of 13.3 million bpd. Pumping hit an annual record of 13.21 million bpd in 2023.
According to the EIA, U.S. crude production fell to 12.6 million bpd in January due to cold-related shutdowns, especially in key producing states like North Dakota.
Production is expected to increase by 390,000 bpd to reach a record of 13.49 million bpd in 2025.
The agency forecasted that monthly production will return to nearly 13.3 million bpd in February but will then slightly decrease until mid-2024 and will not surpass the December 2023 record until February 2025.
Total U.S. oil consumption is expected to increase by 200,000 bpd to 20.4 million bpd this year, and then by another 100,000 bpd to 20.5 million bpd in 2025, said the EIA.
