The crude oil production U.S. output would rise to 12.78 million barrels per day in 2023, an increase from a previous forecast, the Energy Information Administration (EIA) said on Tuesday.
US crude oil production will increase by 870,000 barrels per day in 2023 compared to the previous year. In 2024, crude oil production is expected to increase by 380,000 barrels per day to 13.16 million bpd.
Global oil reserves would decline by 200,000 bpd in the fourth quarter of 2023, according to the EIA, after Saudi Arabia said it would maintain its voluntary crude production cut of one million bpd until the end of this year. Previously, the voluntary cut was set to expire at the end of September.
The decline in inventories should raise the price of the international benchmark Brent contract to an average of $93 per barrel during the fourth quarter, up from $86 per barrel on average in August, according to the EIA.
The price of Brent could fall to an average of US$87 per barrel in the second half of 2024, as inventories increase, the entity added.
Source: Reuters
Source: Gestion
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