The U.S. Oil Industry Is Trending Toward A Record-Breaking 2023

One of my 2023 energy predictions was “Total U.S. oil production will again rise, and set a new annual production record.” The previous annual record was set in 2019 at 12.3 million barrels per day (bpd). By the end of 2022 monthly production was just about back to that level following the devastating impact from Covid-19 in 2020.

Of course, we don’t yet know if oil production will continue to creep higher, or whether falling prices will finally impact production. As I indicated when I made the prediction, I felt like it was a coin flip on whether we would reach a new annual record, but I leaned toward the affirmative.