US crude oil imports hit a 53-year low in 2023, falling 20% due to higher domestic production.

US net crude oil imports are projected to decline by 20% in 2023 to 1.9 million barrels per day, the lowest since 1971, due to increased domestic production and reduced refinery demand. The Energy Information Administration (EIA) forecasts US oil production to rise to 13.52 million barrels per day in 2025, while global oil demand and production are each expected to average around 104.3 million barrels per day. Brent crude prices are anticipated to average $73.58 a barrel, and US WTI prices $69.12, both lower than previous forecasts.

3 months ago
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