Pump Jacks extract crude oil in Midland, Texas. Photographer: Angus Mordant/Bloomberg The US is on track to grow oil production faster than the government is forecasting, according to a BloombergNEF analysis. The latest BNEF report estimates daily US oil output to increase by more than 900,000 barrels next year. The expected production of 12.85 million barrels of crude per day exceeds the Energy Information Administration’s forecast by 250,000 barrels. The outlook for domestic oil production growth next year “looks solid and has resiliency despite recent commodity price volatility, mostly because US oil plays have low break-even prices,” said BNEF analyst Tai Liu, who authored the report. The prospect for prices to spike once European Union sanctions on Russian oil take effect, as well as a global need for reliable energy access will continue to support production growth, the analysis shows. Mounting concerns over a global recession have caused oil […]