In its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global oil inventories to generally draw in 2021 and 2022 as a result of increasing forecast global oil demand that outpaces world production growth. EIA forecasts global oil supply will rise, but voluntary production restraint from members of the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+), along with the lingering effects of low crude oil prices on U.S. tight oil production, will limit global supply increases. As a result, EIA expects global oil inventories to decline ... (full story)