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Jan. 11, 2022, 12:52 p.m. EST

EIA expects U.S. oil production to reach a record in 2023

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By Myra P. Saefong

The Energy Information Administration on Tuesday said it expects annual U.S. oil production to reach a record next year. The government agency pegged average production at 11.2 million barrels per day in 2021, and sees a rise to 11.8 million barrels per day this year, with output then rising to 12.4 million barrels per day in 2023 - the highest annual average on record, according to the monthly Short-Term Energy Outlook report . "We expect global demand for petroleum products to return to and surpass pre-pandemic levels this year, but crude-oil production grows at a faster rate in our forecasts," said EIA Acting Administrator Steve Nalley, in a statement. "We expect that as crude oil production increases, inventories will begin to replenish and help push prices lower for gasoline, jet fuel, and other products in the short term." The EIA also lifted its 2022 forecast for West Texas Intermediate crude prices to $71.32 a barrel, up 7.4% from the December forecast. In Tuesday dealings, February WTI crude oil continued to rise, tacking on $3.07, or 3.9%, to trade at $81.30 a barrel.

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