EIA Raises US Oil Production and Demand Forecast in 2023

Recently, the US Energy Information Administration (EIA) raised its forecast for the growth of crude oil production and oil consumption this year.

EIA estimates that the crude oil production of the United States will increase by 550000 barrels per day to 12.41 million barrels per day in 2023, compared with 470000 barrels per day previously expected. US crude oil production is expected to increase by 400000 barrels per day to 12.81 million barrels per day in 2024. The consumption of oil and other liquid fuels in the United States is expected to increase by 170000 barrels per day to 20.44 million barrels per day in 2023, up from 150000 barrels per day. The EIA also predicts that the consumption of oil and other liquid fuels in the United States will increase by another 190000 barrels per day to 20.63 million barrels per day in 2024.

In addition, the EIA has raised the growth forecast of global oil demand in 2023 by 50000 barrels per day compared with the previous one, and is currently expected to increase by 1.05 million barrels per day year on year.