EIA STEO: EIA raises 2022 world oil demand growth forecast by 80k BPD to a 3.73mln BPD Y/Y increase, cuts 2021 world oil demand growth by 80k BPD and now sees a 5.42mln BPD Y/Y increase

US Crude Output

• 2021 US crude output to fall 290k BPD to 11.02mln BPD (prev. forecast was for a fall of 270k BPD)
• 2022 US crude output to rise 820k to 11.84mln BPD (prev. forecast was for a rise of 820k BPD)

US Petroleum Demand

• 2021 US Petroleum demand to rise 1.39mln BPD to 19.51mln BPD (prev. forecast was for a rise of 1.32mln BPD)
• 2022 US Petroleum Demand to rise 1.02mln BPD to 20.53mln BPD(prev. forecast was for a rise of 980k BPD).

Natural Gas

• 2021 US Natural Gas Consumption at 82.44 bcfd in May (prev. saw 82.93 bcfd in the April STEO)
• 2022 US Natural Gas Consumption at 82.53 bcfd (prev. saw 82.07 bcfd in the April STEO)