The U.S. Energy Information Administration announced today, in its short-term energy outlook, that U.S. crude oil production will increase more than previously expected, while increases in demand will fall short of earlier forecasts this year. The agency currently expects U.S. crude production to rise by 720,000 barrels per day to 12.61 million this year, compared to earlier forecasts of an increase of 640,000. Total U.S. petroleum consumption is expected to rise by only 100,000 barrels per day to 20.4 million this year, compared to a projected increase of about 200,000 in the agency's May estimates.
U.S. Energy Raises Oil Growth Expectations
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