US Energy Information Administration
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Using a new model, the federal agency said deepwater operations will drive the region's production to 1.9 million B/D next year. -
Rig counts are down since 2023, but well productivity is marching forward.
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The agency’s short-term outlook forecasts modest declines in production for the rest of this year.
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The tie between US crude output and key indicators such as rig counts and the number of new wells has significantly weakened.
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A fresh batch of expansions and a new pipeline are set to provide operators offtake options.
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Forecast increased demand for natural gas globally will keep new US liquefaction projects and additional proposals moving forward.
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The US Energy Information Administration said the US, Qatar, and Russia fed well over half of Europe’s supply of LNG last year.
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Oil production in the US is resurging and poised to refute some skeptics who believed domestic output peaked just prior to the COVID-19 pandemic.
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2020 was a year of turmoil for the upstream industry in the US, while 2021 proved to be a year of recovery.
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The energy transition may drive a massive increase in renewable-power capacity in the electric market, but global demand growth is expected to be so strong, liquid fuel consumption could also be much higher in 2050.
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