DeepSeek vs. ChatGPT: A New Challenger Emerges in the AI Arena
US Crude Oil Production Expected to Face Flatlines in 2024
By Shubhendra Anand , 22 February, 2024
The United States is expected to hit new records in crude oil production in 2024. Experts have predicted that the United States will create records for the next two years, from 2024 to 2026. The United States Energy Information Administration (EIA) holds that growth in efficiency profits offsets oil-drilling activities, leading to a greater crude oil production rate in the United States throughout 2024.
However, new reports from the surveys regarding crude oil production in the United States suggest that the nation's newly emerging crude supply is anticipated to face flatlines in the oil market for February 2024. According to the survey, oil production is expected to decline by 2,000 barrels per day to 9.68 million barrels per day, as the country's oil drilling rig is yet to be noted in 2024. Earlier this year, EIA reported that the United States crude oil production is expected to increase by 290,000 barrels per day to a record high of 13.21 million in 2024. Saudi Arabia and Russia continued with the cutback in oil supply throughout 2023, resulting in more significant price shifts. However, the United States' growing oil production in 2024 is anticipated to create a balance, bringing down oil prices.
EIA reported earlier regarding the month-over-month decline in oil supplies in 2024, but it is expected to be veiled by the increasing productivity in Permian, Haynesville, and Appalachia. The growing global clean energy transition may slow down the oil requirement. In light of the transition to green energy, the ever-increasing demand for electric vehicles will slightly lower the oil demand in 2024. Therefore, oil markets globally are expected to see flatlines throughout 2024 if we study the current scenarios with the production rate.
Monthly US Cruide Oil production by Region
Latest News
DeepSeek vs. ChatGPT: A New Challenger Emerges in the AI Arena
The AI landscape is rapidly evolving, with new large language models (LLMs) constantly emerging and competing for dominance in a market poised for explosive growth. While the generative AI market is estimated to grow from USD 40 billion in 2024 to…
DeepSeek vs. ChatGPT: A New Challenger Emerges in the AI Arena one
The AI landscape is rapidly evolving, with new large language models (LLMs) constantly emerging and competing for dominance in a market poised for explosive growth. While the generative AI market is estimated to grow from USD 40 billion in 2024 to…
New Innovation in 2024 can Lead to Increasing Solar Panel Output in 2024
The green energy revolution in the energy sector is progressing rapidly in 2024. It is driving the global demand for renewables—renewable energy production results from the clean energy transition in the energy sector. Several innovations and…
Geomagnetic Storms may Affect United States Power Supply in 2024
Geomagnetic storms in 2024 will affect America's power supply in the coming years. North America experiences geomagnetic storms, one after the other, within two months. The risk of geomagnetic storms is growing significantly due to increasing…
Surveys Shows UK to Increase Wind Power Prices to Maintain Progress in Clean Energy Transition
The United Kingdom is increasing its clean energy goals in 2024. The nation strives to meet its clean energy ambitions in the next five years. Hence, it shows that the UK needs to implement specific rules and policies to increase the pace of clean…
Shubhendra Anand
Head Research
Latest News
DeepSeek vs. ChatGPT: A New Challenger Emerges in the AI Arena one
New Innovation in 2024 can Lead to Increasing Solar Panel Output in 2024
Geomagnetic Storms may Affect United States Power Supply in 2024
Surveys Shows UK to Increase Wind Power Prices to Maintain Progress in Clean Energy Transition
