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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