US Department of Energy predicts increase in oil production in 2023

Oil production in the US in 2023 may rise, while demand will remain unchanged, reported from the monthly report of the Energy Information Administration (EIA) of the US Department of Energy, dedicated to the short-term prospects of the energy market.

US oil production could rise by 590,000 bpd this year, to 12.49 million bpd, and could rise by 160,000 bpd to 12.65 million bpd next year, according to the forecast.

Forecasts indicate a slowdown in the growth of oil production in the country, associated with rising costs and a reduction in recoverable reserves. In addition, manufacturers are under pressure from investors who are urging them to reduce spending.

Consumption of oil and other liquid hydrocarbons this year may remain unchanged at 20.3 million barrels per day, the EIA expects. The department also predicts that the US economy may shrink slightly in the first six months of the year.

Demand in China could rise by 700,000 bpd this year and 400,000 bpd next year. The Chinese authorities are abandoning the policy of zero tolerance for the coronavirus.





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