OPEC Maintains Forecast For US Oil Output In 2022 At 12.04Mln Barrels Per Day - Report

Muhammad Irfan Published May 12, 2022 | 05:10 PM

MOSCOW (UrduPoint News / Sputnik - 12th May, 2022) OPEC keeps its forecast for the United States crude oil production in 2022 unchanged, expects an increase by 0.85 million barrels per day to 12.04 million barrels per day, according to a fresh report by OPEC published on Thursday.

According to OPEC etimates, oil production in the United States in 2021 averaged 11.19 million barrels per day.

The May report suggests that in 2022, the production will increase by 0.85 million barrels per day to 12.04 million barrels per day compared to 2021. The group gave the same forecast in the previous report.

"Given the current pace of drilling and well completions in oil fields, production of crude oil and condensate is forecast to grow by 0.8 mb/d y-o-y to average 12.0 mb/d in 2022," the report read.