The US Energy Information Administration forecast record US crude oil production in 2023 at 12.8 million barrels per day, up from an expected 11.9 million barrels per day of production in 2022.
In its July Short-Term Energy Outlook, the EIA expects the Brent crude spot price to average $104 per barrel in 2022 and $94/b in 2023. Brent averaged $71/b in 2021.
Global oil inventories will rise 0.8 million b/d in 2022 and remain unchanged in 2023, reflecting rising production of liquid fuels in the US and the Organization of the Petroleum Exporting Counties, paired with slowing liquid fuels consumption growth, the EIA said.
Global consumption of liquid fuels is forecast to rise grow by 2.2 million b/d in 2022 and by 2.0 million b/d in 2023, according to the agency.