- 2022 US production increases by 730,000 bpd from 720,000 bpd a month ago
- Sees 2023 production increase by 1,050k bpd from 940k a month ago
Oil prices have soared and these figures show how difficult it is to restart production. 10,000 bpd into nothing and even adding 1m bp next year won’t move the needle as the 1mbpd release from the SPR ticks away.
WTI crude is trading at $119.22 today, up 85 cents.