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Crude oil and natural gas production in the U.S. are headed for new records in 2022 and 2023 as the industry continues to show strength following the crash during the pandemic two years ago. Crude oil and natural gas production in the U.S. are headed for new records in 2022 and 2023 as the industry continues to show strength following the crash during the pandemic two years ago. “U.S. production surges,” World Oil magazine stated in its recently released annual analysis. “Despite a sizeable drop in recoverable resources, U.S. oil production remains on track for a record in 2023, even as output grows more slowly than anticipated amid increased costs and labor shortages in America’s shale fields.” The report projects an increase of 840,000 barrels of oil per day (bopd) in 2023 reaching an all-time high of 12.7 million bodpd, which exceeds the previous record of 12.3 million bopd in 2019. Dry natural gas production has been rising since the first quarter of 2022, when it averaged 94.6 billion cubic feet per day (Bcfd). The Energy Information Administration (EIA) forecasts U.S. natural gas production to average 99.0 Bcfd during fourth-quarter 2022 and then rise to 100.4 Bcfd in 2023. […]
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