Changes to both production and consumption of global liquid fuels have changed our forecast for balances between the two for the rest of 2022 and 2023. For most of 2021, more liquid fuels were consumed globally than produced. Starting in the second quarter of 2022, global liquid fuels production rose above consumption. According to our August Short-Term Energy Outlook, we expect that during 2023, global supply and demand will be very closely matched. We forecast production in 2023 to average 101.3 million barrels per day (b/d) and consumption to average 101.5 million b/d.
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