U.S. oil production is back and set to increase in 2022 after more than a year of OPEC and its allies “running the show,” according to Daniel Yergin, vice chairman of IHS Markit.
Output could rise by as much as 900,000 barrels per day, he told CNBC’s “Squawk Box Asia” on Wednesday.
U.S. oil firms slashed production in 2020 as the coronavirus pandemic destroyed demand and supply has not yet recovered to pre-Covid levels. In 2019, the U.S. produced 12.29 million barrels of crude oil per day, according to the U.S. Energy Information Administration.
That figure was 11.28 million in 2020 and is estimated to be 11.18 million in 2021 and 11.85 million in 2022.
“The U.S. is back,” Yergin said. “For…