*US crude and condensate output has grown strongly this year by any normal standards. But the EIA’s latest forecast of a 580,000 b/d rise to 11.83mn b/d for 2022 pales in comparison to the record 1.3mn b/d growth seen in 2019.
*With the EIA this week revising down its expectations for 2023 growth from 610,000 b/d to 490,000 b/d, it is no longer clear that next year will break 2019’s annual output record: the latest forecasts have 2023 dead level with 2019 on 12.31mn b/d (see charts). (CONTINUED - 1178 WORDS)
