EIA’s current forecast for U.S. crude oil production in 2022 is 0.5 million b/d higher than in last month’s Short-Term Energy Outlook (STEO) because of higher expected crude oil prices.
The agency said it expects U.S. petroleum and other liquid fuel consumption to rise 1.41 million bpd to 19.53 million bpd in 2021, the same increase as its previous forecast.
U.S. rig counts have begun to climb as crude prices rebound, with oil rigs rising by one to 310 last week, their highest since May, energy services firm Baker Hughes Co said.