Commodities Buzz: US Crude Oil Output To Set Record High Says EIA

13 Oct 2022 , 05:27 PM

EIA noted in its latest short term energy outlook that the Brent crude oil spot price in its forecast averages $93 per barrel (b) in the fourth quarter of 2022 (4Q22) and $95/b in 2023. Potential petroleum supply disruptions and slower-than-expected crude oil production growth could lead to higher oil prices, while the possibility of slower-than-forecast economic growth may contribute to lower prices. U.S. crude oil production averages 11.7 million b/d in 2022 and 12.4 million b/d in 2023, which would surpass the record high set in 2019. EIA forecast that global consumption of liquid fuels will rise by an average of 2.1 million b/d for all of 2022 and by an average of 1.5 million b/d in 2023. U.S. retail gasoline prices in EIA forecast average $3.80 per gallon (gal) in 4Q22 and $3.57/gal in 2023. Retail diesel prices average $4.86/gal in 4Q22 and $4.29/gal in 2023.
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