The Energy Information Administration has lowered its forecast for crude oil production for this year and next, according to a new report. The Energy Information Administration (EIA) made several adjustments to its production forecasts in its Short Term Energy Outlook published on Tuesday. The EIA now sees U.S. crude oil production averaging 11.86 million bpd for the full year 2022—down from 11.91 million bpd forecast in July’s STEO. For the full year 2023, the EIA has adjusted its production forecast to an average of 12.70 million bpd, down from the forecast it made last month for 2023 of 12.77 million bpd. If realized, it would set a record for the most crude oil produced in the United States in a year, breaking the previous record set in 2019 of 12.3 million bpd, according to the EIA. For this quarter, the EIA now sees U.S. production averaging 12.01 million bpd, […]