• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

EIA boosts U.S. oil production forecast for 2023

2 years ago
in Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
66
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

EIA boosts U.S. oil production forecast for 2023

U.S. crude oil production could gain 720,000 barrels daily this year, up from a previously forecast growth rate of 640,000 bpd, according to the latest edition of the Energy Information Administration’s Short-Term Energy Outlook.

Demand for crude in the U.S., however, is expected to weaken, according to the EIA, because of lower consumption of distillate fuels. That expectation, in turn, is based on a projection for lower gross domestic product growth this year.

According to the EIA, the U.S. economy will only expand by 1.3% this year, slowing down further to 1% in 2024. That’s a downward revision from the previous edition of the STEO, when the EIA predicted economic growth of 1.6% for this year and 1.8% for next year.

Distillate fuel consumption in the United States is already down due to the prolonged slowdown in manufacturing activity. Earlier this month, the Institute for Supply Management reported that U.S. manufacturing and freight activity had declined for the seventh consecutive month in May, which means it is officially in a recession.

This, in fact, has pushed energy consumption lower, including distillate fuels and electricity for industrial consumers. Reuters noted in a report that distillate fuel consumption in the U.S. was down by over 3% in the first quarter of the year, too.

At the same time, however, the EIA expects gasoline and jet fuel consumption to increase this year. This will account for part of the expected increase in liquid fuel demand, which will be led by propane and ethane, the EIA also said in its report.

RelatedPosts

Engineers & Planners Reconstitutes Board and Management of Azumah Resources After Securing Ownership of Gold Mining Firm

Ghana’s Current Crude Output Far Below Projected 500,000 bpd – Dr Theo Acheampong

World Bank Reaffirms $4.5bn Support for Ghana’s Development Priorities Under Country Partnership Framework

The agency also forecast that global oil consumption this year will rise by 1.6 million barrels daily, to hit 101 million bpd. Consumption will continue climbing higher next year as well, the EIA predicted, adding another 1.7 million bpd, most of it in developing countries.

Tags: EIAEIA boosts U.S. oil production forecast for 2023U.S. oil production
No Result
View All Result

Highlights

Equities Extend Rally as GSE Index Closes at Fresh High

T-Bill Undersubscribed as Gov’t Manages to Mobilize GHS 2.8bn

GIPC CEO Promotes EV Investments in China

China’s Role in Africa’s Green Energy Future

Ghana, Turkey Renew Commitment to Achieve $1bn Trade Target Before 2027

Prof Bokpin Urges Gov’t to Boost Export Competitiveness to Benefit from China’s Zero-Tariff Policy

Trending

Business

Engineers & Planners Reconstitutes Board and Management of Azumah Resources After Securing Ownership of Gold Mining Firm

October 20, 2025

Engineers & Planners Reconstitutes Board and Management of Azumah Resources After Securing Ownership of Gold Mining Firm...

Ghana’s Current Crude Output Far Below Projected 500,000 bpd – Dr Theo Acheampong

October 20, 2025

World Bank Reaffirms $4.5bn Support for Ghana’s Development Priorities Under Country Partnership Framework

October 20, 2025

Equities Extend Rally as GSE Index Closes at Fresh High

October 20, 2025

T-Bill Undersubscribed as Gov’t Manages to Mobilize GHS 2.8bn

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.