US oil demand and production are expected to grow more slowly than previously forecast for the remainder of this year and into 2023, the United States Department of Energy.
How much would crude oil production in the United States increase?
It is also expected that the US crude oil production increase by 610,000 bpd in 2023, to 12.36 million bpd, which would still be the largest production, on average, for one year in the history of the country. Still, the EIA lowered its expectations for an increase of 840,000 bpd.
By 2022, production will average 11.75 million bpddown from the previous estimate of 11.79 million bpd.
These figures are known on a day in which the Organization of the Petroleum Exporting Countries (OPEC) announced that their oil demand projections will also be lower. The announcement hit the oil prices which fell to 2.5%.
The lower projections are framed in a scenario of recessive expectations due to the drop in economic activity, in part affected by the levels of interest rates promoted by countries to control the inflation and in part many affected by energy prices.
Source: Ambito
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