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US oil production forecast to reach new heights despite drilling slowdown

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: The US is expected to achieve record crude oil and natural gas production levels in 2024 and 2025, according to the Energy Information Administration
Average oil production is forecast to reach 13.2 million barrels per day in 2024, exceeding the 2023 record
Meanwhile, dry natural gas production is anticipated to hit 105 billion cubic feet per day in 2024, with further increases in 2025

🔭 The context: This surge in production occurs despite a drilling slowdown and contrasts with President Biden’s environmental policies
It speaks to the lasting impact of the shale revolution and counters the expectation that the US energy boom might be waning

🌍 Why it matters for the planet: This surge comes amid debates on the environmental impact and the need for oil in the coming decade
It represents a significant concern for those who advocate both for the phase-down and phase-out of fossil fuels

⏭️ What's next: While oil production is set to grow, its pace is expected to slow due to reduced drilling areas and Wall Street's pressure for shareholder returns
The US is also likely to expand its liquefied natural gas exports, though there are concerns about new export permit restrictions by the administration

💬 One quote: “While production is up, it has nothing to do with anything that the Biden administration has pursued,” (Mike Sommers, CEO of the American Petroleum Institute)

📈 One stat: U.S. oil production is projected to reach 13.4 million barrels per day in 2025, setting a new record

Click for more news covering the latest on energy


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