#US OIL PRODUCTION 2022 DRIVER#
However, production growth could be lower than expected as the new priorities of the shale patch – capital discipline and a focus on returns to shareholders and debt repayments – have coupled with supply chain constraints and cost inflation to weigh on growth in recent months. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. The tight oil and shale gas regions continue to be the primary driver of rising U.S.
crude oil production is set to climb to 12.5 million bpd in 2023 and to 12.7 million bpd in 2024, according to EIA’s most recent estimates. crude oil production would continue to increase this year and next. The administration forecast in its Short-Term Energy Outlook (STEO) in May that U.S. oil basin, the Permian, routinely accounting for at least 50 of total. Texas is home to the most productive U.S. Without pressure from public shareholders, private oil and gas producers have had more leeway to grow volumes and have helped drive much of the growth seen so far in 2022. In 2020, Texas produced a total of 1.78 billion barrels of oil. Texas is undoubtedly the largest oil-producing state in the United States. North Dakota, which had been one of the leading states in oil production growth in the past decade, saw oil production fall for the third consecutive year in 2022, the EIA noted. Rounding the top 10 are states like Alaska, California, Wyoming, Louisiana, and Utah. The company is a vertically integrated energy & chemical company that is engaged in oil & gas exploration and production. crude oil production in 2022, while oil output in the rest of the United States grew by just 0.6% last year, or by 33,000 bpd.Ĭrude oil production in California fell for the eighth consecutive year, and production in Alaska declined for the fifth consecutive year. New Mexico and Texas contributed the most growth to U.S. Release date June 2022 Region United States Survey time period 1998 to 2021 Supplementary notes Figures include crude oil, shale oil, oil sands, condensates and NGLs. EIA projected crude production will rise to 11.91 million barrels per day (bpd) in 2022 and 12.77 million bpd in 2023 from 11.19 million bpd in 2021. oil-producing state and also home to part of the Permian shale basin.Ĭrude oil production in New Mexico jumped by 300,000 bpd to 1.6 million bpd in 2022, a record for the state, the EIA has estimated. crude oil production increased by 600,000 bpd in 2022 compared with 2021, averaging 11.9 million bpd, per EIA’s Monthly Crude Oil and Natural Gas Production report.įor the third year in a row, New Mexico’s oil production growth eclipsed the growth of crude output in any other U.S.
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