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EIA: US crude oil production will increase to new records in 2023 and 2024

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In its January 2023 Short-Term Energy Outlook , the US Energy Information Administration (EIA) forecasts that crude oil production in the United States will average 12.4 million b/d set in 2019. In 2022, US crude oil production averaged an estimated 11.9 Producers currently flare some of the natural gas they produce.

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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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According to EIA’s January Short-Term Energy Outlook (STEO) , global liquid fuel consumption will exceed 100 million barrels per day, on average, in 2023 for the first time since 2019, then average more than 102 million barrels per day in 2024. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.

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IHS Markit: oil price collapse will change trajectory of North American gas supply

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The trajectory of North American gas supply is set to change radically as a result of the fall in oil prices that has occurred due to COVID-19 and the breakdown in production cooperation between OPEC and Russia, according to IHS Markit. Combined, the Bakken and Eagle Ford are producing nearly 3 MMbbl/d of oil and 7.2

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EIA expects increased US crude oil production, with continued high petroleum prices in 2022

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The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 million barrels per day set in 2019. Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO).

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EIA forecasts US fossil fuel production to reach new highs in 2023

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After declining in 2020, the combined production of US fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 Of the total US fossil fuel production in 2021, dry natural gas accounted for 46%, the largest share. quadrillion British thermal units. US NGPL production increased by 4% in 2021.

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IHS Markit: conventional oil & gas discoveries at lowest levels in 70 years; major rebound unlikely

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Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected, according to a new report by global business information provider IHS Markit. —Keith King, senior advisor at IHS Markit and a lead author of the IHS Markit E&P trends analysis.

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Huge Backlog Could Trigger New Wave Of Shale Oil

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The latest crash in oil prices once again raises this prospect. On the one hand, lower oil prices – despite the recent rebound, prices are still down sharply from a few months ago – can cause some E&Ps to want to hold off on drilling new wells. And so I would say the bigger risk inflation-wise is really past 2019.

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