The U.S. Energy Information Administration on Tuesday raised its forecast for this year’s crude output growth by less than expected, while petroleum demand is likely to fall.

EIA projected crude production will rise to 12.9 million barrels per day (bpd) in 2023, compared with its previous estimate of 12.92 million bpd.

Petroleum and other liquid fuels consumption is to fall to 20.1 million bpd in 2023, compared with a previously forecast rise in consumption.
Source: Reuters (Reporting by Laura Sanicola and Arathy Somasekhar Editing by Chris Reese)