U.S. to Set New Oil Production Record, But 2025 Looks Bleak

I have noted in recent articles that U.S. oil production is presently at about the same level it was 10 months ago. In August 2023, the U.S. produced 13.0 million BPD of crude oil. That gradually rose to 13.3 million BPD by the end of 2023 but has since declined back to 13.1 million BPD. In a recent TikTok video, I pointed this out and one commenter asked “How can this be if we are producing more oil than ever?” The confusion is understandable, so I will explain here how two things can be true: The U.S. will probably set an annual production…