U.S. Oil Production will Increase More in 2022, Energy Expert Says

Oil prices.

U.S. oil production is set to increase further in 2022 according to the vice-chairman of IHS Markit, Daniel Yergin, an American author, and energy expert.

He expressed on Wednesday that output could rise by 900,000 barrels per day.

U.S. oil firms slashed oil production in 2020 due to the Covid-19 situation. As per the U.S. Energy Information Administration, the USA produced 12.29 million barrels of oil per day in 2019.

Yergin said, “The U.S. is back. For the last year, year and a half, it’s been OPEC+ running the show, but U.S. production is coming back already, and it’s going to come back more in 2022.”

American author and energy expert also predicted that oil prices in 2022 will remain in the range of $65 to $85 per barrel.