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An oil pump jack in Midland, Texas, US, on Thursday, March 2, 2023. Thousands of miles away from the turmoil on Wall Street, Midland, Texas that ranked No.1 in the US for inflation just over a year ago has since ceded that title – only to lay claim to a different one: the country’s pay-raise capital. Article content (Bloomberg) — US oil production this year will rise faster than previously expected, providing additional crude supplies to a market that has tightened because of Saudi Arabian output cuts, according to a new government forecast. Higher-than-expected well productivity and rising crude prices will help boost US production to a record 12.8 million barrels a day in 2023, up from a previous forecast of 12.6 million, according to a monthly report from the US Energy Information Administration released Tuesday. The US averaged about 11.9 million barrels a day in 2022. Article content Article content The additional US production would help supply a market that has tightened after the Organization of Petroleum Exporting Countries and its allies cut output to prop up prices. Cartel leader Saudi Arabia recently extended its 1 million barrel per day production cuts for another month, sending its output […]
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