Core Viewpoint - The U.S. Energy Information Administration (EIA) has raised its forecast for U.S. oil production in 2023, predicting it will reach a record high [1] Group 1: Production Forecast - EIA now expects the average U.S. oil production for this year to be 13.53 million barrels per day, up from the previous estimate of 13.44 million barrels per day [1] - Last year, EIA had predicted the U.S. oil production for this year to be 13.23 million barrels per day [1] - For next year, EIA forecasts a slight decline in U.S. crude oil production by 0.1% to 13.51 million barrels per day, a revision from an earlier expectation of a decline of over 1% [1] Group 2: Price Expectations - EIA anticipates that the average price of West Texas Intermediate (WTI) crude oil will be approximately $65 per barrel this year, reflecting a 15% decrease compared to last year [1] - The average price for Brent crude oil is expected to be around $68.64 per barrel, also down nearly 15% from the previous year [1] Group 3: Inventory and Price Pressure - EIA indicates that U.S. crude oil inventories are expected to rise over the next year, which will exert significant downward pressure on oil prices in the coming months [1]

Core Viewpoint - Kazakhstan maintains its oil production forecast for 2025, indicating stability in its energy sector and commitment to meeting production targets [1] Group 1 - The Minister of Kazakhstan confirmed that the country will uphold its oil production forecast for 2025, reflecting confidence in the oil industry [1]