EIA said that the July Short-Term Energy Outlook is subject to heightened uncertainty resulting from a variety of factors, including Russia’s full-scale invasion of Ukraine.
'Factors driving uncertainty about energy supply include how sanctions affect Russia’s oil production, the production decisions of OPEC+, and the rate at which U.S. oil and natural gas production rises,' it explained.
According to the EIA, global oil inventories in the forecast rise by 0.8 million barrels per day in 2022 and remain unchanged in 2023.
'We expect global consumption of liquid fuels will grow by 2.2 million barrels per day in 2022 and by 2.0 million barrels per day in 2023,' it said.
EIA also said that OPEC crude oil production will rise by 2.4 million barrels per day to average 28.7 million barrels oer day in 2022 and will further increase to 29.3 million barrels per day in 2023.
EIA said in the outlook that it expects US LNG exports to average 10.5 billion cubic feet per day during the second half of 2022, which is a 6% decrease from the first half of the year. That amount is a 14% decrease in US LNG exports from EIA’s June forecast.
(Αnadolu Agency)