EIA STEO: US crude oil production to rise by 260k BPD to 13.19mln BPD in 2024 (vs. previously forecasted rise of 170k); US crude oil production is expected to rise by 460k BPD to 13.65mln in 2025 (prev. rise of 390k BPD)

Forecasts 2024 US dry natural gas production at 103.35 BCFD (prev. 104.37 BCFD in Feb.).
Forecasts 2024 US natural gas consumption at 89.68 BCFD (prev. 90.64 BCFD).
Forecasts 2025 US dry natural gas production at 104.43 BCFD (prev. 106.46 BCFD).
Forecasts 2025 US natural gas consumption at 89.21 BCFD (prev. 89.55 BCFD).
US total petroleum consumption to rise by 200k BPD to 20.4mln BPD in 2024 (unch.).
US total petroleum consumption to rise by 200k BPD to 20.6mln BPD in 2025 (prev. rise of 100k BPD).
World oil demand growth forecast raised by 10k to a 1.43mln BPD Y/Y increase for 2024.
World oil demand growth forecast raised by 90k BPD to a 1.38mln BPD Y/Y increase.
Raises 2024 WTI crude spot price to USD 82.15/bbl (prev. 77.68/bbl). 2025 raised to USD 80.30 from 74.98/bbl
Raises 2024 spot Brent oil forecast to USD 87.00/bbl (prev. 82.42/bbl). 2025 raised to USD 84.40 from 79.48/bbl.