December 1, 2022

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OPEC forecast US oil production to rise 500K to 1.2m bpd next year

1 min read

That’s a wide range

OPEC’s technical committee delivered forecasts this week that anticipate an additional 200K bpd of US oil this year and somewhere in the range of 500k to 1.2m bpd next year.

I’ll bet on the low end of that because there’s so much more discipline among producers now and investors want a return of capital, not higher production. That said, drilling budgets will be set in the fall and we’ll see what the prices of oil is like then.

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