"US Oil Production Set to Soar, Breaking Records Under Biden Administration"

The Energy Information Administration (EIA) predicts that US crude oil production will reach a record high of 12.76 million barrels per day (bpd) in 2023, an increase of 850,000 bpd from current levels. The EIA also forecasts a further rise to 13.09 million bpd in 2024. These projections are attributed to higher well-level productivity and increased crude oil prices. Additionally, the EIA expects global benchmark Brent crude oil prices to average $86 per barrel in the second half of 2023. The report also highlights rising US natural gas production and demand, with both expected to reach record highs in 2023.