EIA STEO (June): US 2022 crude output seen rising 730k BPD to 11.92mln BPD (prev. +720k BPD forecast in May), US 2023 crude output seen rising rise 1.05mln BPD to 12.97mln BPD (prev. +940k BPD)

• Raises Global 2022 production forecast to 100.08mln BPD (prev. 99.89mln BPD); Raises 2023 forecast to 102.10mln BPD (prev. 101.60mln BPD).

DEMAND:

• Raises US 2022 oil demand forecast to a 750k BPD rise to 20.53mln BPD (prev. +730k BPD); Cuts US 2023 forecast to a 200k BPD rise to 20.72mln BPD (prev. +270k BPD).
• Raises Global 2022 oil demand forecast to 99.63mln BPD (prev. 99.61mln BPD); Cuts 2023 forecast to 101.32mln BPD (prev. 101.55mln BPD).