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U.S. Oil Production Is Bouncing Back

Oil

1. Higher Oil Prices Revitalize US Crude Production

- As oil prices moved to the mid-80s due to Saudi Arabia’s production cuts and robust summer demand, US oil producers see additional incentives to ramp up supply, setting new all-time production figures along the way.

- According to the EIA’s recently issued Short-Term Energy Outlook, US crude production is expected to surpass 12.9 million b/d for the first time ever in late 2023, a 200,000 b/d upward revision compared to previous forecasts.

- Buoyed by the high-price environment which should lead to increased oil drilling activity next year, the EIA sees end-2024 production rates at 13.4 million b/d.

- Production curtailments from OPEC+ countries have also prompted the EIA to hike its pricing forecasts, upping the 2023 average Brent price to $82.62 per barrel and 2024 to $86.48 per barrel.

2. Egypt’s Natural Gas Mojo Runs Out as Zohr Spells Trouble

- Once touted as the Eastern Mediterranean’s new gas-producing frontier, Egypt has witnessed a surprise decline in natural gas production in the first half of 2023, raising questions about the long-term prospects of the supergiant Zohr field.

- Gas production in the North African country decreased by 9% year-on-year, driven by technical problems at Zohr, a 30 TCf field that was only discovered in 2015 but seems to be already declining due to water infiltration issues.

- As Zohr accounts for some…





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