Non-OPEC countries will account for a higher percentage of oil production gains this year and next, a reversal of the last two years, the U.S. Energy Information Administration predicted on Tuesday.
Gains by the U.S., Brazil, Canada and Guyana will overshadow OPEC after Saudi Arabia and other Middle East producers this month disclosed plans to cut output by around 1.16 million barrels per day beginning next month.
The average U.S. household is expected to spend between $2,140 and $2,730 on gasoline this year, down from $2,780 in 2022, the EIA forecast. The U.S. average retail price for a gallon of gasoline was $3.608 this week, down from $4.11 a year-earlier, motorist group AAA said.
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