Oil-Supply Woes Mount as US Cuts Production Forecast Again
- EIA lowers 2023 output forecast for third month in a row
- US raises global oil demand view amid European fuel switch
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The US government lowered its annual oil production targets and raised its global demand outlook, adding to supply risks as OPEC and its allies plan output cuts to defend crude prices.
The Energy Information Administration cut its forecast for domestic oil production next year to 12.63 million barrels a day, versus an earlier estimate of 12.7 million, it said in a monthly report. The agency meanwhile expects annual petroleum usage globally to rise roughly 2 million barrels a day through next year.