The U.S. Energy Information Administration (EIA) forecasts that U.S. oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. In its January Short-Term Energy Outlook (STEO), EIA forecasts U.S. crude oil production will increase for nine consecutive quarters, from the fourth quarter of 2021 through 2023.

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