While the Biden Administration calls on OPEC+ to boost production more than planned, the major oil forecasters scaled back their outlook on how much OPEC+ crude the market would need. Earlier this week, the White House called on the OPEC+ group to increase oil production more than they had planned in order to tame rising gasoline prices that could derail the global economic recovery. However, also this week, the U.S. Energy Information Administration (EIA), the International Energy Agency (IEA), and OPEC itself revised down their forecasts for the call on OPEC crude this year and next, Julian Lee of Bloomberg News notes . In the August Short-Term Energy Outlook (STEO), the EIA estimated that OPEC crude oil production would remain lower than calls on OPEC through the third quarter and fourth quarter of 2021. This quarter, demand for OPEC’s oil will exceed production by 1.0 million bpd. However, this […]