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U.S. proved reserves of crude oil increased significantly in 2021
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U.S. proved reserves of crude oil increased significantly in 2021

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In 2021, U.S. proved reserves of crude oil and lease condensate increased 16% from 2020, totaling 44.4 billion barrels, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. Proved reserves decreased 19% in 2020 because of pandemic-related ...

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U.S. crude oil production will increase to new records in 2023 and 2024
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U.S. crude oil production will increase to new records in 2023 and 2024

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In our January 2023 Short-Term Energy Outlook, we forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019. In 2022, U.S. crude oil production averaged an estimated 11.9 ...

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EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024
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EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024

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In our January Short-Term Energy Outlook (STEO), we forecast the natural gas spot price at the U.S. benchmark Henry Hub will average $4.90 per million British thermal units (MMBtu) in 2023, more than $1.50/MMBtu lower than the 2022 average. We expect prices to stay nearly the same in 2024 as dry natural gas production ...

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