Private Drillers to Send US Oil Production to Record in 2023

US drillers will pump record volumes of oil next year, in spite of high inflation and a shortage of equipments and crews, according to Macquarie Group.

While public companies have been reluctant to ramp up, independent producers have boosted output by double-digits, said Vikas Dwivedi, Macquarie’s global oil and gas strategist. Daily crude production is seen reaching 13.6 million barrels by the end of 2023, surpassing the all-time high of 2019. That would be an increase of about 1 million barrels a day from the end of this year, based on Macquarie data.

“Upstream is alive ...