(EIA) The US Energy Information Administration has downgraded the energy outlook in 2022 by 20,000 b/d to a lower level of 101.8 million b/d.
EIA revised the world average petroleum production to 98.9 million b/d in the second half of 2021, from 99.4 million b/d from the July outlook.
The downgraded energy outlook reflects changes to petroleum output by OPEC and Russia.
The production forecast by OPEC members is 33.0 million b/d in the second half of 2021, down by 600,000 b/d from the July outlook.
The administration revised its short-term energy outlook to an average of 34.2 million b/d for OPEC petroleum production in 2022, an increase by 40,000 b/d from the July outlook.
OPEC and other non-OPEC members consented in August to increase their monthly production by 400,000 b/d each month, up to the reversal of previous production cuts in Q3 of 2022.
CL1! is down -0.89%.
