EIA STEO (May): US crude output to rise by 720k BPD to 11.91mln BPD in 2022 (prev. rise of 820k BPD in April), to rise 940k BPD in 2023 to 12.85mln BPD in 2023 (unchanged M/M)

• US total petroleum demand to rise 730k BPD to 20.51mln BPD in 2022 (prev. rise of 800k BPD in April); to rise 270k BPD to 20.78mln BPD in 2023 (prev. rise of 280k BPD).
• Global oil demand seen rising 2.1mln BPD to 99.6mln BPD in 2022 (prev. +2.3mln BPD in April), seen rising 1.9mln BPD to 101.5mln BPD in 2023.
• Russian oil production forecast cut, now sees oil markets to be mostly balanced from Q2 through the end of 2023.

Via EIA