The U.S. Energy Information Administration (EIA) on Nov. 8 cut its forecast for next year's crude output growth by 21%, days after heads of oil producers warned of persistent inflation and supply chain constraints.
U.S. crude production is expected to increase by about 480,000 bbl/d to 12.31 million bbl/d, the EIA said, down from a prior 610,000 bbl/d growth forecast.
Still, U.S. oil production in 2023 will top 2019’s record 12.29 million bbl/d output.
Oil producers have warned in recent weeks of weaker-than-expected output, citing aging wells, shortage of labor and materials, rising costs and a sharp focus on shareholder returns.
The lower outlook comes as U.S. President Joe Biden has called on companies to ramp up their production to push down fuel prices that are stoking inflation and threatening shortages of heating oil and diesel this winter.
The EIA also cut its demand estimates for next year to a 100,000 bbl/d increase from the 190,000 bbl/d gain it had forecast last month.
2022-11-23 - U.S. oil rigs rose four to 627 this week, their highest since March 2020, while gas rigs fell two to 155, according to the weekly Baker Hughes rig count report.
2022-11-23 - Mozambique's first LNG cargo left from the Coral Sul floating LNG installation on Nov. 14.
2022-11-23 - The four blocks offered in the second round of bidding this year have combined estimated resources of 3,730 million barrels of oil and 300 Bcf gas, Indonesia’s energy ministry data showed.
2022-11-23 - Norway’s crude oil and gas output rose in October from September but lagged official forecasts, preliminary data from the Norwegian Petroleum Directorate (NPD) showed on Nov. 22.
2022-11-22 - No oil major is involved in the project being developed by NNPC, local firm Sterling Global Oil and New Nigeria Development Commission, a conglomerate owned by 19 northern states.