- Sees 2022 US output increasing 730k bpd vs 720k bpd a month ago
- Sees 2023 output increasing 1050k bpd vs 940k a month ago
We’ve had oil prices surging and these numbers just highlight how difficult it is to bring on production. 10,000 barrels per day in nothing and even adding 1 million barrels next year won’t move the needle as the 1 mbpd release of the SPR runs off.
WTI crude is trading at $119.22 today, up 85-cents.