US oil production to hit record levels in 2024, 13.5 million bpd

Expectations revealed that US oil production may reach record levels this year, after ending 2023 at historic peaks, which may protect the market from price jumps that may result from tensions in the Middle East.

According to CNBC, American production underwent a dramatic shift after recording its lowest level in 62 years in 2008, and by the end of last year, America was producing levels of oil exceeding any other country in history.

It does not appear that US production will rebound from these record levels. Rather, it is likely that it returned to its highest level ever at 13.3 million barrels per day in the week ending January 12, after a brief decline below those levels, according to recent estimates by the US Energy Information Administration.

For his part, Chevron CEO Mike Wirth said that he believes that America will break record levels in 2024. He added: I would not be surprised to see production levels of 13.5 million barrels per day this year or even a little higher than that.

Analysts expect US production levels to end the year 2024 at levels of 14 million barrels per day, after declining slightly in the winter, to recover slightly in the second half of the year.

While Daniel Yergin, Executive Vice President of S&P Global, said that America and Canada added one and a half million barrels per day of new supply to the global market.