U.S. oil production is expected to rise to 12.4 million bpd by 2023

The U.S. Department of Energy expects the country’s oil production to increase to 12.4 million barrels per day in 2023. This may become a record production level. This is stated in the report of the Energy Information Administration (EIA) of the US Department of Energy.

The agency emphasizes that the maximum level of oil production was reached by the U.S. in 2019 – then the country produced 12.3 million barrels per day.

The U.S. Department of Energy also expects the price of Brent crude oil in 2023 at $67.5 per barrel versus an estimate of $74.95 per barrel in 2022.