The US Energy Information Administration said Tuesday in its short-term energy outlook that US crude oil production will rise more than expected and demand growth this year will fall below previous expectations.
The administration now expects U.S. crude oil production to rise by 720,000 bpd to 12.61 million this year, compared with previous expectations of a 640,000 increase.
Total U.S. oil consumption will rise by just 100,000 bpd to 20.4 million this year, compared to an increase of about 200,000 bpd in the administration’s forecast for May.
