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Oil & Gas Technical Compendium

While OPEC ramps up production, U.S. oil output is projected to fall

The U.S. slashed its oil production forecast through next year just as OPEC and its allies begin to rollback their production cuts in the coming months.U.S. oil output is set to reach 11.04 million barrels day this year, down from last month’s forecast at 11.15 million after a deep freeze in February that shutdown the oil industry in Texas, according to U.S. government data. The Energy Information Administration also lowered its output forecast for 2022 by 100,000 barrels a day.The lower output forecast comes as Wall Street has grown reluctant to fund growth while shale operators are focused on increasing cash flow and return to investors rather than adding production. With the U.S. unlikely to return to previous output levels, OPEC+ is mov.....

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