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The U.S. Energy Information Administration raised its forecast for U.S. oil production next year, expecting global oil output to continue exceeding demand after the resumption of navigation in the Strait of Hormuz.

The U.S. Energy Information Administration raised its forecast for U.S. oil production next year, expecting global oil output to continue exceeding demand after the resumption of navigation in the Strait of Hormuz.

Due to supply disruptions in major oil-producing countries in the Middle East causing a recent sharp rise in oil prices, the US has raised its forecast for future domestic oil production. According to the Short-Term Energy Outlook released by the US Energy Information Administration (EIA) on Tuesday, US crude oil