BAKU, Azerbaijan, March 9. The US Energy Information Administration (EIA) forecasts world oil and liquid fuels production to average 101.5 million b/d in 2023, which is an increase of 1.6 million b/d year-on-year, Trend reports via EIA.
"World liquid fuels production averaged about 100 million b/d in 2022, and we forecast it will rise by an average of 1.6 million b/d in both 2023 and 2024," the report said.
According to EIA, despite an upward revision of the forecast for global liquid fuel consumption, a steady increase in world oil reserves over the projected period is still expected, as world oil production continues to outpace consumption.
At the same time, as the administration has also raised production forecast for Russia's output, this will contribute to the overall global production.
"Given this revision to production, we expect that global oil inventories, which rose by 0.4 million b/d in 2022, will grow by an additional 0.6 million b/d in 2023 and 0.3 million b/d in 2024, putting downward pressure on oil prices later in 2023," EIA added.
Meanwhile, the administration forecast global oil demand at 100.9 million b/d in 2023, compared to 99.4 million b/d in 2022. This is also 0.4 million b/d higher than in last month’s outlook.
