the energy information administration on tuesday said it expects annual us oil production to reach a record next year the government agency pegged average production at 112 million barrels per day in 2021 and sees a rise to 118 million barrels per day this year with output then rising to 124 million barrels per day in 2023  the highest annual average on record according to the monthly shortterm energy outlook report we expect global demand for petroleum products to return to and surpass prepandemic levels this year but crudeoil production grows at a faster rate in our forecasts said eia acting administrator steve nalley in a statement we expect that as crude oil production increases inventories will begin to replenish and help push prices lower for gasoline jet fuel and other products in the short term the eia also lifted its 2022 forecast for west texas intermediate crude prices to 7132 a barrel up 74 from the december forecast in tuesday dealings february wti crude oil clg22 continued to rise tacking on 307 or 39 to trade at 8130 a barrel