"U.S. Oil Production Forecast: Zero Growth Until 2025"
The EIA predicts zero growth in US crude oil production for 2024, with a drop in production expected for the remainder of the year. The cold snap in January caused a temporary decline in production, and the EIA forecasts a return to near-record levels in February. This lack of production growth could support crude oil prices and help OPEC tighten the market, with a global oil supply deficit of 120,000 bpd expected for this year.