US crude oil production fell in November, according to new data from the Energy Information Administration.
US crude oil production fell to an average of 12.375 million barrels in November, down 35,000 barrels from the previous month.The latest monthly production data Released by EIA. This is the highest average monthly production level since March 2020.
U.S. crude oil production hit an all-time high of 13 million bpd in November 2019, but fell dramatically in early 2020 after the pandemic began.
EIA figures for weekly U.S. crude oil production show a different picture than November production, with weekly averages reported 12.1 million bpdWeekly production is about the same as December production, showing a slight increase of 100,000 bpd so far in the first three weeks of January.
Meanwhile, US demand for crude oil and related petroleum products increased by 178,000 bpd to 20.59 million bpd in November, according to EIA data.
In its latest Short-Term Energy Outlook, the EIA forecast that the United States will produce 12.4 million bpd of crude oil this year and 12.81 million barrels per day by 2024. 2019.
EIA forecasts that Permian production will increase by 470,000 bpd this year to reach a record 5.7 million bpd. This figure has been questioned by some industry analysts.
The EIA estimates that Brent barrel prices will fall 18% this year compared to 2022 levels, with WTI falling to $77 per barrel.
Millions of barrels of crude sold from the country’s strategic oil reserves to commercial stocks ended in the first week of January, which combined with lower production could be seen as a bullish signal.
Oilprice.com by Julianne Geiger
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