1/11: EIA STEO 1st 2023 Forecasts
Forecasting 2023 for the first time, the EIA’s Short Term Energy Outlook forecasts an average of $75/bbl in 2022 and $68/bbl in 2023. This is almost $5/bbl above their forecast for 2022 published last month. They show U.S. crude production to climb to average 11.8 MMb/d in 2022 (current level) and climb to 12.4 MMb/d, which still may be conservative even if it would be the highest annual average on record.