Jan 12, 2022 - Energy & Environment

Oil production to keep surging under Biden

U.S. crude oil production.
Data: EIA; Chart: Sara Wise/Axios

U.S. crude oil production is projected to set a full-year record in 2023, the federal Energy Information Administration said in a new report.

Why it matters: The forecast in EIA's wider monthly outlook yesterday signals the recovery from the pandemic-fueled production collapse in 2020.

  • It also shows how oil-and-gas development is slated to remain robust even as the White House says it's aiming to reorient the economy around zero-carbon energy.

By the numbers: EIA sees annual U.S. production averaging 12.4 million barrels per day (mbd) in 2023, slightly ahead of 2019's 12.3 mbd average, though they don't see the peak of nearly 13 mbd reached in late 2019.

Yes, but: EIA monthly forecasts are a snapshot in time and bounce around based on variables like, say, the pace of pandemic recovery.

  • EIA's current 2023 forecast is based on oil prices that are actually well below today's levels.
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