EIA Boosts USA Crude Oil Production Forecasts
March 19, 2024
The U.S. Energy Information Administration (EIA) increased its forecasts for U.S. crude oil production for both 2024 and 2025 in its latest short term energy outlook (STEO), which was released last week.
According to the March STEO, the EIA now sees U.S. crude oil output averaging 12.91 million barrels per day in the first quarter of 2024, 13.13 million barrels per day in the second quarter, 13.25 million barrels per day in the third quarter, 13.47 million barrels per day in the fourth quarter, and 13.19 million barrels per day overall in 2024.
