US oil output to set new record

Partisan political rhetoric has not prevented production growth

US crude production is on pace to set fresh records next year, regardless of seemingly poor relations between Washington and the upstream energy sector. Oil output in the US has steadily increased month-on-month since February. By September, average production had reached 12.3mn bl/d, the highest for any month since March 2020, and the EIA expects output to be sustained at similar levels going into next year. US production will average 12.4mn bl/d in 2023, “which would surpass the record high set in 2019”, the EIA predicts. That projected annual average output would be almost 6pc higher than the forecast average of 11.7mn bl/d for this year. By comparison, Saudi production averaged 10.9mn bl