The latest Short Term Energy Outlook (STEO) from the US government’s Energy Information Administration, released 12 October, sees a sharp downgrade to expected 2023 crude output growth, from 850,000 b/d to 610,000 b/d.
2023 output is now projected at 12.35mn b/d down from 12.63mn b/d, whilst December 2023 output is now projected to be 12.60mn b/d, still 400,000 b/d shy of the record 13.00mn b/d figure set in November 2019. Until August the EIA was projecting that next year would see new record output. (CONTINUED - 262 WORDS)