US Crude Oil Production Expected to Face Flatlines in 2024

By Shubhendra Anand , 22 February, 2024

The United States is expected to hit new records in crude oil production in 2024. Experts have predicted that the United States will create records for the next two years, from 2024 to 2026. The United States Energy Information Administration (EIA) holds that growth in efficiency profits offsets oil-drilling activities, leading to a greater crude oil production rate in the United States throughout 2024.

However, new reports from the surveys regarding crude oil production in the United States suggest that the nation's newly emerging crude supply is anticipated to face flatlines in the oil market for February 2024. According to the survey, oil production is expected to decline by 2,000 barrels per day to 9.68 million barrels per day, as the country's oil drilling rig is yet to be noted in 2024. Earlier this year, EIA reported that the United States crude oil production is expected to increase by 290,000 barrels per day to a record high of 13.21 million in 2024. Saudi Arabia and Russia continued with the cutback in oil supply throughout 2023, resulting in more significant price shifts. However, the United States' growing oil production in 2024 is anticipated to create a balance, bringing down oil prices.

EIA reported earlier regarding the month-over-month decline in oil supplies in 2024, but it is expected to be veiled by the increasing productivity in Permian, Haynesville, and Appalachia. The growing global clean energy transition may slow down the oil requirement. In light of the transition to green energy, the ever-increasing demand for electric vehicles will slightly lower the oil demand in 2024. Therefore, oil markets globally are expected to see flatlines throughout 2024 if we study the current scenarios with the production rate.

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Shubhendra Anand

Head Research