SunSirs: EIA Cuts the Forecast of US Oil Demand and Production Growth This and Next Year
October 13 2022 10:04:31 SunSirs (Selena)
On October 13, foreign news, the US Department of Energy said on Wednesday that the US oil demand and production are expected to grow more slowly than previously predicted in the rest of this year and 2023.
According to the US Energy Information Administration (EIA), the overall demand for oil and other liquid fuels in the US is expected to rise slowly in 2023, with an estimated growth of 190,000 barrels/day, reaching 20.54 million barrels per day. In September, EIA predicted that this growth would reach 350,000 barrels/day.
This year, the demand is expected to increase by 460,000 barrels/day to 20.35 million barrels/day, which is also lower than the previous forecast.
EIA now predicts that the US crude oil production will increase by 610,000 barrels/day to 12.36 million barrels/day in 2023, which will still be the year with the largest average output in US history. However, the estimate is still lower than the 840,000 barrels/day increase estimated in September.
The average production in 2022 is expected to be 11.75 million barrels/day, lower than the previous estimate of 11.79 million barrels/day.
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