U.S. crude production and demand will rise this year and next

The U.S. Energy Information Administration's (EIA) outlook for crude output growth in the current year has been marginally raised. At the same time, the growth in petroleum demand, apparently, will be less than originally anticipated.

According to the EIA forecast, in 2022, crude production in the United States will reach 11.87 million barrels per day (bpd). Earlier it was expected that this figure would be 11.83 million bpd.

In addition, the consumption of petroleum and other types of liquid fuels is expected to reach 20.36 million bpd in 2022. This value is less than the previous estimate of 20.38 million bpd.

As for 2023, crude production in the United States would increase to 12.34 million barrels per day, according to the EIA. This figure can be compared with a record mark of 2019, when production was 12.29 million bpd.

The consumption of petroleum and other types of liquid fuels would increase to 20.51 million barrels per day next year. The earlier forecast assumed production of 20.48 million bpd.