The U.S. Energy Information Administration on Tuesday raised its forecast for this year’s crude output growth marginally, while petroleum demand is likely to rise less than previously expected.
EIA projected that crude production would rise to 11.87 million barrels per day (bpd) in 2022, compared with its previous estimate of 11.83 million bpd.
Petroleum and other liquid fuels consumption would rise to 20.36 million bpd in 2022, lower than the prior forecast of 20.38 million bpd.
For 2023, EIA projected that crude production would rise to 12.34 million bpd. That compares with a record 12.29 million bpd in 2019.
Petroleum and other liquid fuels consumption is expected to rise to 20.51 million bpd, from a previous estimate of 20.48 million bpd.