The United States Energy Information Administration (EIA) stated in Short-Term Energy Outlook (STEO) published on Tuesday that it expects global crude prices to continue rising and international benchmark Brent to reach $86 per barrel in the second half of the year. The report noted oil prices are facing "upward pressure" due to "sustained global demand for petroleum products and Saudi Arabia's extended voluntary production cuts."
The agency also noted it expects global oil production to increase by 1.4 million barrels per day (bpd) this year and added it sees non-OPEC output climbing by 2.1 million bpd, while OPEC production is expected to fall in 2023.
Meanwhile, US crude production is seen reaching annual record levels of 12.8 million bpd in 2023 and 13.1 million bpd in 2024 as a result of "higher expected well-level productivity and higher crude oil prices."
