EIA – Short-Term Energy Outlook, June 2024

In the June 2024 Short-Term Energy Outlook by {authors}, new data on U.S. crude oil and natural gas production is being published. The report reveals that U.S. crude oil production is expected to increase by 2% in 2024 to an average of 13.2 million barrels per day, with further growth of 4% to 13.7 million barrels per day in 2025, led by the Permian region. OPEC+ is anticipated to relax voluntary production cuts in the fourth quarter of 2024, causing global oil inventories to continue declining through the first quarter of 2025. Crude oil prices are predicted to rise, with a forecast of $84 per barrel in 2024, 4% lower than previous expectations due to lower-than-expected Brent prices in May. Marketed natural gas production in the U.S. is projected to decrease by 1% in 2024, mainly due to low natural gas prices. However, production in the Permian region is expected to grow by 4%, offsetting declines in the Haynesville and Appalachia regions. The forecast for 2025 predicts a 2% increase in U.S. marketed natural gas production as prices rise.