U.S. Oil Production Is Bouncing Back

1. Higher Oil Prices Revitalize US Crude Production- As oil prices moved to the mid-80s due to Saudi Arabia’s production cuts and robust summer demand, US oil producers see additional incentives to ramp up supply, setting new all-time production figures along the way. - According to the EIA’s recently issued Short-Term Energy Outlook, US crude production is expected to surpass 12.9 million b/d for the first time ever in late 2023, a 200,000 b/d upward revision compared to previous forecasts. - Buoyed by the high-price environment which…