Forecast for US oil production growth this year revealed

The US oil production in 2022 may grow by 0.66 million barrels per day, to 11.91 million barrels per day, in 2023 it is expected to increase to 12.73 million barrels per day, Report informs referring to the September report of OPEC.

In its August report, OPEC predicted an increase of 0.68 million barrels per day. Thus, the organization lowered the estimate by 30,000 barrels per day.

The organization notes that the current forecast takes into account current inflation rates, ongoing supply chain problems and difficulties in servicing oil fields. The US Gulf Coast hurricane season is also a source of forecast uncertainty.