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US Oil Output To Hit Record By Year-End: Citigroup

OIL

US crude oil output is forecast to break the early 2020 record of 13.1mbpd by the year-end, barring an active hurricane season in the Gulf of Mexico, Citigroup said in a note.

  • Crude oil production growth is expected to be less robust in 2024 due to a decline in drilling activity but still positive at around 200kbpd, the bank said.
  • Citigroup last month said Brent crude oil prices are forecast to average $81/bbl this year and could range between $72-90/bbl during the second half of 2023.

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