U.S. oil demand and production is expected to grow more slowly than previously forecast for the remainder of this year and in 2023, the U.S. Energy Department said on Wednesday.
Overall U.S. demand for petroleum and other liquid fuels in 2023 is expected to rise slowly, the U.S. Energy Information Administration said, estimating growth at 190,000 barrels per day to 20.54 million bpd. In September, the EIA expected that growth to come in at 350,000 bpd.
For this year, demand is expected to rise by 460,000 barrels per day to 20.35 bpd, also down from the previous forecast.
U.S. crude output is now expected to increase by 610,000 bpd in 2023 to 12.36 million bpd, which would still be the most output, on average, for a year, in U.S. history. Still, the EIA dropped its expectations from a gain of 840,000 bpd.
Output in 2022 is expected to average 11.75 million bpd, down from a previous estimate of 11.79 million bpd. (Reporting By David Gaffen; Editing by David Gregorio)