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1/11, 6:40 PM (Source: TeleTrader)
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EIA: Oil production to outpace consumption in 2022

The United States Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) released on Tuesday that it expects global oil production to outpace consumption in 2022 and 2023.

As a result, the agency sees global oil inventories rising by an average of 0.5 million barrels per day (bpd) in 2022 and by 0.6 million bpd in 2023, putting t downward pressure on crude oil prices.

Still, the EIA noted that "uncertainty has increased heading into 2022" as it is still uncertain how the Omicron variant will affect economic activity and oil consumption.

Baha Breaking News (BBN) / NP