U.S. Crude Output Will Rise at Slower-Than-Expected Pace, EIA Says
- EIA lowers crude production forecast for 2022 and 2023
- EIA revises U.S. oil demand expectations for 2022 lower
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U.S. crude output will grow at a more diminished pace than previously expected as shale producers grapple with higher production and labor costs amid rampant inflation.
Production in 2022 is now expected to average 12.01 million barrels a day compared to the previous forecast of 12.03 million barrels a day, according to the Energy Information Administration.