January 6, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--As global demand for crude oil continues to slump and with oil prices likely to follow suit, leading oil producers are bracing for a tougher market in the year ahead. While U.S. crude oil production is expected to average a record 12.34 million barrels per day (BBL/d) this year, many believe emerging economic trends could leave balance sheets in the red. Industrial Info is tracking nearly $4 billion worth of active oil-production projects across the U.S. that are set to kick off from now through the end of March. <a href='https://www.ovintiv.com/' target='_blank'>Ovintiv Incorporated</a> (<a href='https://www.nyse.com/quote/XNYS:OVV' target='_blank'>NYSE:OVV</a>) (Calgary, Alberta), formerly known as Encana, accounts for more than 30% of the total first-quarter spending with just four projects. Other companies pursuing projects kickoffs in the first quarter include <a href='https://ir.diamondbackenergy.com/' target='_blank'>Diamondback Energy Incorporated</a> (<a href='https://www.nasdaq.com/market-activity/stocks/fang' target='_blank'>NASDAQ:FANG</a>), <a href='https://www.chevron.com/' target='_blank'>Chevron Corporation</a> (<a href='https://www.nyse.com/quote/XNYS:CVX' target='_blank'>NYSE:CVX</a>) and <a href='https://www.shell.com/' target='_blank'>Shell plc</a> (<a href='https://www.nyse.com/quote/XNYS:SHEL' target='_blank'>NYSE:SHEL</a>).