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US oil production is expected to keep booming in 2024, possibly hitting a fresh high of 13.3 million barrels a day.
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That comes as Exxon Mobil and Chevron are boosting their capital expenditure budgets for 2024.
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More US supply could put further pressure on Saudi Arabia to regain contol over crude prices.
US oil production is having a blockbuster year, and 2024 could see fresh highs, putting more pressure on Saudi Arabia to regain control over crude prices.
Analysts at Rapidan Energy estimate US output will average 13.3 million barrels a day next year, up from 2023’s average of 13 million and above the current all-time record of 13.2 million reached in September.
That comes as US oil giants Exxon Mobil and Chevron recently announced increases in their capital expenditure budgets for 2024 as they pour more money into the Permian Basin, the epicenter of the…
