2023-07-12 05:51:50
The world will consume more oil than expected production for this year, which contradicts previous expectations, according to a monthly report issued by the US Energy Information Administration.
A slight decrease in oil production from the “OPEC +” alliance and outside it will reduce global supply to 101.1 million barrels per day, slightly less than demand. Consumption rose slightly thanks to China’s stimulus plan aimed at reviving economic growth in the country.
The US is set to produce less oil than previously expected, while its demand is considered stable with higher consumption of gasoline and jet fuel offsetting the decline in diesel.
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