ConocoPhillips CEO Ryan Lance said at the Sierra Week conference that he expects the amount of US oil produced by the United States to rise to 14 million barrels per day.

Lance based his expectations on production indicators for the largest shale oil field in the United States this year, which is the “Permian Basin.” Indicators indicate production ranging between 300 to 400 thousand barrels per day.

Lance added that the rise in global oil prices despite the abundance of American supply can be explained by the fact that there is a surge in global demand for oil, in addition to a state of stability in global stocks due to the rise in American oil production on the one hand and the decrease in oil produced by OPEC+ countries on the other hand.

The US Energy Information Administration said that in 2023, the United States produced an average of 12.9 million barrels of oil per day, and thus the United States ranked first in the world in oil production from 2018 to 2023.

It is expected that US oil production will rise; In December 2023, it was producing at a rate of 13.3 million barrels per day – a record rate – while it will continue to rise in 2024 at a rate of 400 thousand barrels per day and in 2025 at a rate of 800 thousand barrels per day.