The US expects the global oil market to tighten this year as it reverses its forecast in a move that more closely aligns with bullish estimates by OPEC and the International Energy Agency.
This supply deficit will see global oil inventories transition from builds in the first half of 2023 to draws through 2024, putting upward pressure on prices, according to the report.
The US is set to make less oil than previously expected while its demand is seen stable with higher gasoline and jet fuel use offsetting a decline in diesel.
Share This:
