U.S. crude production will rise in 2023, while demand will stay flat, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.

The EIA projected that crude production will rise to 12.49 million barrels per day (bpd) in 2023 and 12.65 million bpd in 2024.

The agency also projected petroleum and other liquid fuels consumption would stay flat at 20.3 million bpd in 2023 and rise to 20.6 million bpd in 2024.
Source: Reuters (Reporting by Arathy Somasekhar and Laila Kearney; Editing by Chizu Nomiyama)