How much will U.S. oil production grow this year—this is the question on a lot of minds, both in the United States itself, and across the world.
There are no signs that U.S. drillers are planning a major increase in drilling activity in 2023.The EIA expects oil prices to decline over this two-year period
What's perhaps more interesting than the growth projection itself is the fact that the EIA expects oil prices to decline over this two-year period. In other words, it expects U.S. shale drillers to ramp up production amid declining prices. One could say the mystery remains, but that's only true if one follows official government forecasts, even though they are supposed to be based on industry input. If one follows what the industry itself says, the mystery disappears. Because what the industry has been saying for a while now is that production growth is no priority, even if demand for oil is set to grow.
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