US Crude Production Growth to Stall Through 2025, Easing Oil Glut Concerns
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.