Crude oil production in the United States could reach 12.6 million barrels daily next year, which would be a record high on an annual-average basis, the Energy Information Administration said in its latest Short-Term Energy Outlook . Oil production was already growing strongly, reaching 11.8 million bpd in November—the latest month the EIA has hard data for. It is still growing, too, and is expected to hit 12 million bpd this year. Growth in U.S. production as well as growth in OPEC+ production prompted the EIA to revise its price projections for Brent crude and West Texas Intermediate for this year. The authority now expects Brent crude to fall to some $75 per barrel by the end of the year, with the average for the full year at $82.87 per barrel. For West Texas Intermediate, the authority expects an average 2022 price of $79.35 per barrel. “We expect Brent […]