U.S. Crude Output and Petroleum Demand to Rise in 2022 - EIA

Reuters, September 8, 2022

U.S. crude production and petroleum demand will both rise in 2022 as the economy grows, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Wednesday.

EIA projected that crude production will rise to 11.79 million barrels per day (bpd) in 2022 and 12.63 million bpd in 2023 from 11.25 million bpd in 2021. That compares with a record 12.29 million bpd in 2019.

The agency also projected petroleum and other liquid fuels consumption would rise from 19.89 million bpd in 2021 to 20.40 million bpd in 2022 and 20.75 million bpd in 2023. That compares with a record 20.80 million bpd in 2005, according to EIA data going back to 1973.

(Reporting by Stephanie Kelly and Scott DiSavino)

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