EIA Boosts U.S. Oil Production Forecast For 2023

U.S. crude oil production could gain 720,000 barrels daily this year, up from a previously forecast growth rate of 640,000 bpd, according to the latest edition of the Energy Information Administration’s Short-Term Energy Outlook. Demand for crude in the U.S., however, is expected to weaken, according to the EIA, because of lower consumption of distillate fuels.

That expectation, in turn, is based on a projection for lower gross domestic product growth this year. According to the EIA, the U.S. economy will only expand by 1.3% this year, slowing…