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U.S. crude oil production this year will average 11.1 million bpd and hit 11.8 million bpd in 2022, the Energy Information Administration said in its latest short-term energy outlook, down from its previous predictions.
The agency added that the most recent monthly production data, from May, showed a daily average of 11.2 million, which the agency expects to remain relatively unchanged until October. approximately, when it would start to increase. The rise would continue until 2022, according to the EIA.
The number of US platforms has increased in recent times, reaching 491 in the first week of August, up 244 platforms from the same period last year. However, it was much lower than the number of active platforms at the start of August 2019, which stood at 790.
While the 2021 production projection is relatively unchanged from last month’s STEO edition, the 2022 projection shows a smaller-than-expected increase: in July, the EIA forecast 2022 oil production at 12.2 million. barrels per day. Related: Do Lithium Batteries Present A Major Fire Hazard?
The downward revision is likely related to the increase in production from OPEC, which the EIA now expects to reach 28.7 million bpd in 2022, up from 26.5 million bpd this year with all production cuts.
This increase in production from both OPEC and the United States will lower international oil prices, the EIA noted, forecasting an average Brent price of $ 66 per barrel in 2022 as “continued growth. OPEC + production and accelerated growth in tight reservoir oil production in the United States, as well as other supply growth, will outpace the deceleration in growth in global oil consumption.
Despite this, the EIA expects global consumption of oil and liquid fuels to increase in 2022, by 3.6 million bpd from this year, to 101.2 million bpd. This year, however, thanks to the rebound in fuel demand, the EIA sees global consumption 5.3 million bpd higher than last year.
By Charles Kennedy for Oil chauffage
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