With oil prices now sitting comfortably above $80, the EIA believes U.S. oil production will break new records in 2023 While the EIA forecasts record annual production, it does not see the monthly production record of November 2019 being surpassed in 2023 This rise in production should help to push down the prices of gasoline, jet fuel, and other products U.S. crude oil production is set to exceed pre-pandemic levels next year, driven by a jump in shale output as higher prices incentivize producers to drill more wells to offset decline rates, the Energy Information Administration says. America‚Äôs crude oil production is set to average 12.4 million barrels per day (bpd) next year, the EIA said in its January Short-Term Energy Outlook (STEO), in which it revealed its first estimates for 2023. The annual average U.S. oil production fell in 2021 by 100,000 bpd to average 11.2 million bpd […]