US Crude Production Growth to Stall Through 2025, Easing Oil Glut Concerns
TL;DR Summary
The U.S. Energy Information Administration (EIA) has revised its forecast for domestic oil growth in 2024, projecting a slower increase of 170,000 barrels per day (bpd) compared to last year's 1.02 million bpd. U.S. crude oil production is expected to reach 13.21 million bpd in 2024, with a slight decrease in the middle of the year. Global oil inventories have risen due to disruptions in the Red Sea shipping lane, and the EIA anticipates a rise in crude oil prices into the mid-$80s followed by downward pressure in the second quarter of 2024.
- Growth in US crude production to slow sharply in 2024, EIA says Reuters
- Oil rises on lower-than-expected rise in U.S. crude stockpiles Reuters
- Oil edges up on smaller US output growth estimates CNBC
- U.S. Crude Oil Production To See Zero Growth This Year EIA OilPrice.com
- US Oil Output Expected to Flatline Until 2025, Easing Glut Concerns Yahoo Finance
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