Saturday, 24 May 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > Why U.S. oil production isn’t growing even faster
World

Why U.S. oil production isn’t growing even faster

Enspirers | Editorial Board
Share
Why U.S. oil production isn’t growing even faster
SHARE

Data: EIA; Chart: Sara Wise/Axios

HOUSTON — One topic getting lots of attention at a huge energy industry conference here is whether U.S. oil production can grow even faster as western countries seek to isolate Vladimir Putin.

Driving the news: The U.S. Energy Information Administration just increased its 2023 U.S. production forecast to an average of 13 million barrels per day (mbd), up from 12.6 mbd in last month’s projection.

Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free

  • But the latest outlook — stuffed with caveats because of, well, all this (waves hands) — has a far smaller upward revision for 2022.

Why it matters: Forces including supply chain and labor constraints and investor demands for returns are limiting growth velocity even at highly attractive prices, oil executives said at the CERAWeek by S&P Global conference.

What they’re saying: “You’re going to see the industry responding to this,” ConocoPhillips CEO Ryan Lance said.

  • “You’ll see the growth, you’ll see it coming out of this business, but people are going to have a hyper-focus on returns,” he said.

  • Lance also cautioned that “whatever we start doing today doesn’t get produced for 12 to 18 months from today.”

Occidental Petroleum CEO Vicki Hollub told the conference: “With supply chain challenges, it makes any kind of attempt to grow now — and at a rapid pace — very, very difficult.”

Go deeper: Oil prices surge as U.S. bans Russian energy imports

Like this article? Get more from Axios and subscribe to Axios Markets for free.

Share This Article
Twitter Email Copy Link Print
Previous Article Sanctions are punishing Russia, but can they help save Ukraine? Sanctions are punishing Russia, but can they help save Ukraine?
Next Article Patient Who Recieved Groundbreaking Pig Heart Transplant Dies Patient Who Recieved Groundbreaking Pig Heart Transplant Dies

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

JoJo Siwa Packs on PDA With GF Dakayla Wilson After Bulge Photoshoot

Jojo Siwa's turning up the warmth along with her GF Dakayla Wilson, locking lips and…

By Enspirers | Editorial Board

Insecurity a top issue as African leaders meet in Ethiopia

ADDIS ABABA, Ethiopia (AP) — African leaders are meeting Saturday at a summit that is…

By Enspirers | Editorial Board

Kim Kardashian was ‘determined to fit’ Marilyn Monroe’s iconic dress for the Met Gala: ‘I had to lose 16 pounds’

Kim Kardashian wears Marilyn Monroe's dress to the 2022 Met Gala. (Photo: Getty Images)Kim Kardashian…

By Enspirers | Editorial Board

Steph Curry Reveals Off Spectacular Abilities In Viral Video

(Photograph by Ethan Miller/Getty Photographs)   Stephen Curry actually grew up amongst NBA gamers. His…

By Enspirers | Editorial Board

You Might Also Like

Kids with particular wants in England could lose authorized proper to high school assist
World

Kids with particular wants in England could lose authorized proper to high school assist

By Enspirers | Editorial Board
‘Something has gone very wrong’: how the carers scandal was uncovered
World

‘Something has gone very wrong’: how the carers scandal was uncovered

By Enspirers | Editorial Board
Intense, nerve-racking, pivotal: we’ve seen some agonisingly tight elections, however Bradfield might surpass all of them
World

Intense, nerve-racking, pivotal: we’ve seen some agonisingly tight elections, however Bradfield might surpass all of them

By Enspirers | Editorial Board
Netanyahu accused of slander after criticising Macron, Carney and Starmer
World

Netanyahu accused of slander after criticising Macron, Carney and Starmer

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?