Recently, the U.S. Energy Information Administration (EIA) predicted that U.S. oil production will increase to 12.9 million barrels per day in 2023, slightly lower than the previous forecast of 12.92 million barrels per day.
  Russia and Saudi Arabia have previously announced that they would extend their decision to voluntarily cut production by 1.3 million barrels per day until December due to consumption concerns. The EIA predicts that production cuts by the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ members will continue into 2024 to offset non-oil sector production. The agency expects Brent crude oil prices in the North Sea to average US$83.99/barrel in 2023 and US$93/barrel next year.
  As for U.S. oil consumption, the EIA expects to decrease by 300,000 barrels per day this year to 20.1 million barrels per day, a revision from the October forecast of an increase of 100,000 barrels per day. Gasoline consumption is expected to fall by 1% next year, the lowest per capita consumption in the past 20 years. Reasons for the decline in per capita consumption include the increase in remote working methods, improved fuel efficiency in vehicles, soaring gasoline prices and continued high inflation. Source: Sinochem New Network