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EIA Forecasts Higher US Crude Production 2023

OIL

US crude production will rise in 2023 even as demand flattens, the EIA said in its Short Term Energy Outlook.

  • The EIA forecasts crude oil production to rise by 590,000bpd, to 12.49 million bpd in 2023, and by another 160,000 bpd to 12.65 million bpd next year.
  • The gains still mark a slowdown in volume growth.
  • US petroleum and other liquid fuels consumption will stay flat at 20.3 million bpd this year.
  • Globally, demand in China would increase by 700,000 bpd this year and by 400,000 bpd in 2024 as the country moves away from lockdowns.
  • The EIA also forecast Russian production of petroleum and other liquids would decline by about 1 million to 9.9 million bpd in 2023. The number was 400,000 bpd higher than January’s forecast, with flows higher than originally expected.
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