EIA forecasts OPEC production will grow in 2022 despite recent production outages in Libya

In our January Short-Term Energy Outlook (STEO), we forecast that OPEC petroleum production will increase by nearly 2.7 million barrels per day (b/d) in 2022, the largest year-over-year increase in OPEC production since 2004. This increase in our forecast of crude oil production is largely based on our interpretation of the January 2022 OPEC+ meeting, when participants reaffirmed their decision to continue to increase output by 0.4 million b/d each month until all of the production cuts are reversed. We expect that recent production disruptions in Libya will be more than offset by production increases from other OPEC members. More »