EIA changes forecast for global oil production in 2021-2022

The US Department of Energy expects an increase in daily oil production in the United States in the fourth quarter of 2021 by 500,000 barrels, up to 11.4 million barrels per day, Report informs, citing the Energy Information Administration (EIA) of the US Department of Energy.

According to the EIA, the forecast production volumes for 2022 are reduced by 100,000 barrels, to 11.9 million barrels per day.

Besides, the ministry expects OPEC oil production to grow by 700,000 barrels in the second quarter, to 25.8 million barrels per day, linking the forecast with the recent OPEC+ decision on a gradual increase in production in May-July. In the second half of 2021, the department expects an increase in OPEC production by another 2.1 million barrels, to 27.9 million barrels per day.