The Energy Information Administration on Tuesday raises its oil-price forecasts for this year and next, following an OPEC+ plan to reduce production. The EIA...
The Energy Information Administration on Tuesday raised its U.S. and global oil-price forecasts for this year and next, following a plan by the Organization of the Petroleum Exporting Countries and their allies to reduce production even further this year.
The government agency, however, also pointed out that growth in the production of liquid fuels, which include oil and products of petroleum refining, is poised to “shift” away from OPEC-member countries. OPEC crude-oil production, meanwhile is forecast at 33.7 million barrels a day this year, down 1.1% from the March forecast.
The EIA said it expects total non-OPEC liquid fuels production to grow by 1.9 million barrels a day in 2023, and by 1 million barrels a day in 2024, while OPEC production is expected to fall by 500,000 barrels a day this year and rise by 1 million barrels a day in 2024.
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