EIA Expects An Oil Market Surplus Despite OPEC+ Cuts ...Middle East

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Despite OPEC+’s surprise production cut, the global oil market will remain in surplus this year and next as demand growth could be hurt by lower-than-expected economic growth in the coming months, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO). The latest forecasts include declining production in OPEC and Russia, yet the EIA still expect global oil production to increase by 1.5 million barrels per day (bpd) in 2023, due to strong growth from non-OPEC countries excluding Russia. Non-OPEC+…

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Last updated : 12 April 2023 clock 11:33 AM

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EIA Expects An Oil Market Surplus Despite OPEC+ Cuts ...Middle East

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