EIA Sees Global Crude Oil Production Rise by 1.34 Million Barrels Per Day in 2023

The Energy Information Administration (EIA) has released its global crude oil production forecasts. The EIA is projecting that global crude oil production will increase by 1.34 million barrels per day in 2023, reaching a total of 33.4 million barrels per day.

This forecast marks an increase from the previous year's projection, which was 1.25 million barrels per day. The EIA's long-term outlook suggests that global crude oil production will continue to rise, albeit at a slower pace.

The EIA attributes this growth to increasing production in non-OPEC countries, particularly in North America. The agency also notes that OPEC+ countries are expected to increase their production levels gradually over the next few years.