The US Energy Information Administration (EIA) has published its June edition of its Short-Term Energy Outlook, in which it expects US oil output to grow by 2% to 13.2 mb/d in 2024, about 40,000 bbl/d higher than its previous forecast in May, and by another 4% in 2025 to 13.7 mb/d. Global consumption of liquid fuels is expected to increase by 1.1 mb/d in 2024 and 1.5 mb/d in 2025, with most of it being from non-OECD countries. The report changes its previous report of May 2024 regarding global oil output due to the OPEC+ producer group plans to raise output from the fourth quarter onwards. According to the report, the EIA expects a decline in global oil inventories through the first quarter of 2025 and put upward pressure on oil prices. The US marketed natural gas production to fall by 1% in 2024 because of low natural gas prices, while production is expected to grow by 2% in 2025 as natural gas prices rise.