2023-06-06 17:05:00
© Archyde.com. Crude oil storage tanks in Cushing, Oklahoma, USA – Photo from Archyde.com archive.
HOUSTON (Archyde.com) – The U.S. Energy Information Administration said on Tuesday in its Short-Term Energy Outlook that U.S. oil production will rise more than expected and increases in demand will fall below previous forecasts this year.
The administration currently expects US crude production to rise by 720 thousand barrels per day to 12.61 million this year, compared to previous expectations of an increase of 640 thousand.
Total US oil consumption will rise by just 100,000 bpd to 20.4 million this year, compared to an increase of regarding 200,000 in the administration’s forecast for May.
(Prepared by Ali Khafaji for the Arabic Bulletin)
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