U.S. Oil Production Growth 2024: Key Trends & Forecasts
The Permian Basin and the Federal Offshore Gulf of Mexico are planning to increase their oil production.
The U.S. has been producing oil since the 1850s, and this trend continues to rise. Major oil-producing regions are also planning to boost their output, aligning with optimistic forecasts. In 2024, the Energy Information Administration (EIA) predicts crude oil production will reach 12.8 million barrels per day (bpd).
The U.S. oil industry supports millions of jobs annually and provides about 75% of the country’s crude oil supply.
Globally, China and India are expected to become significant oil consumers. Prices are anticipated to stabilize in 2023 compared to the volatile years of 2020 and 2022 due to the global pandemic. However, with anticipated growth in consumption, prices may rise in 2024.
Overall, the market outlook is positive, suggesting that this is just the beginning.
Robert Rapier, 2023 “The U.S. Oil Industry Is Trending Toward A Record-Breaking 2023”, https://www.forbes.com/, April, 29th 2023, https://www.forbes.com/sites/rrapier/2023/04/29/us-oil-production-on-track-to-set-a-new-record-in-2023/?sh=478a0f272262