Production increases to meet consumption, 2H21… EIA

From the EIA’s This Week in Petroleum:

”In the June Short-Term Energy Outlook (STEO), we forecast that increasing global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases for global crude oil benchmarks Brent and West Texas Intermediate (WTI). Although global consumption will likely increase through 2022, we forecast production will increase more rapidly, ending the large global stock draws seen in the first two quarters of 2021. We forecast global stocks will remain nearly flat in the second half of 2021 and then increase in 2022 (Figure 1). We expect the increasing global petroleum stocks will limit upward crude oil prices in the coming months and contribute to lower crude oil prices later this year and into 2022.”