The latest forecasts from the US Energy Information Administration
The EIA sees US crude production at 12.02 mbpd in 2022 compared to its forecast of 11.53 mbpd a month ago. That’s a reaction to higher prices.
This year’s production is less-sensitive at 11.15 mbpd vs 11.02 mbpd previously.
On the comsumption side, EIA forecasts that global consumption of petroleum and liquid fuels will average 97.5 million b/d for all of 2021 (-60k bpd), which is up by 5.3 million b/d from 2020. EIA forecasts that consumption will increase by another 3.8 million b/d in 2022 to average 101.3 million b/d (+330k bpd).
WTI crude is down 91-cents to $64.16 today.