EIA and API Reports: Crude Oil Production Forecasts, Stock Changes, Gasoline and Distillates Increase, and Demand Estimates with Deficit and Surplus

The Energy Information Administration (EIA) forecasts current year crude oil production at 13.2 million barrels per day (bpd) and next year's forecast at 13.73 million bpd. The American Petroleum Institute (API) reports actual crude oil stock changes, with gasoline stock increasing by 1.46 million barrels and distillate stock increasing by 1.713 million barrels. EIA also adjusts its demand and production estimates for the coming years, with projections indicating a deficit in 2023 and 2024 but a surplus in 2025.