Baghdad OPEC raised its expectations for US oil production in 2022 – and expected a growth of 0.56 million barrels per day, to reach 11.82 million barrels, and in 2023 the figure may rise to 12.6 million barrels per day.
“Given the current pace of drilling and pumping wells in oil fields, oil production is expected to grow by 0.6 million barrels per day, to reach an average of 11.8 million barrels per day in 2022,” said an OPEC report for December, published today, Tuesday.
In the previous November report, OPEC expected an increase in 2022 by 0.53 million barrels per day, to reach 11.78 million barrels per day. In 2023, an increase of 0.81 million bpd to 12.59 million bpd was expected.
In October 2022, the US Department of Energy offered another 15 million barrels of oil from its strategic reserves for sale and was directed by President Joe Biden to prepare for significant new issues over the winter to stabilize fuel prices.
On October 5, the Joint Ministerial Monitoring Committee of the Global Oil Exporters Alliance “OPEC +”, which includes ministers of prominent producing countries, agreed to cut crude production by two million barrels per day in response to the price decline.
Source: National Iraqi News Agency