EIA Lifted U.S. Crude Oil Production Forecast for 2024

SEATTLE (Oil Monster): The latest short term energy outlook (STEO) released by the U.S. Energy Information Administration (EIA) lifted forecasts for U.S. crude oil production for the current year.

The EIA’s latest forecast sees total U.S. crude oil production to average at around 13.24 million barrels per day in 2024. This is significantly higher from the forecast of 13.20 million barrels per day for the year made in the previous STEO.

According to the report, the Lower 48 states, excluding the Gulf of Mexico, are expected to take the largest share of production, with production from the region likely to total at 11.02 million barrels per day. In Lower states production, the Permian region is forecast to dominate with a production of 6.31 million barrels per day, followed by the Bakken and the Eagle Ford region, with outputs of 1.30 million barrels per day and 1.08 million barrels per day, the STEO noted.

Meantime, EIA expects production from the Appalachia region and the Haynesville region to total around 0.16 million barrels per day and 0.03 million barrels per day respectively in 2024.

The report predicts that the U.S. crude oil production will average at 13.17 million barrels per day in Q2 this year. Also, the production is pegged at 13.33 million barrels per day and 13.50 million barrels per day in the third and fourth quarter of 2024 respectively.