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Wichita Falls Times Record News The demand for crude oil and natural gas around the world has created upward pressure on price even though production is rising. Crude oil in the U.S. is approaching record levels, outpacing Saudi Arabia and Russia, the other leading producing countries. The U.S. Energy Information Administration (EIA) expects U.S. crude oil production to surpass 12.9 million barrels per day for the first time in late 2023 and to exceed 13 million barrels per day in early 2024, according to its monthly Short-Term Energy Outlook (STEO) released this week. EIA forecasts U.S. crude oil production to average 12.8 million barrels per day in 2023, which is 200,000 barrels per day more than in its July forecast. EIA expects sustained global demand for petroleum products will continue to rise. The Brent crude oil price (which is on the international exchange based in London) was near $75 per barrel at the beginning of July and increased throughout the month to surpass $86 per barrel on August 4, EIA stated. EIA forecasts the Brent crude oil price to increase the rest of 2023 and to approach $90 per barrel in late 2023. West Texas Intermediate (WTI) traded on […]
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