Economic slowdown in the U.S. will impact oil and gas consumption and weigh on benchmark oil and gas prices, adversely impacting upstream activity, Dominika Rzechorzek, a Senior Oil and Gas Analyst at BMI, told Rigzone. Rzechorzek said the company currently expects the U.S. to experience a modest recession over the second half (H2) of 2023 but noted that the annual real GDP growth rate is set at one percent year on year “given reasonably solid economic activity over H1 2023”. “Hence, we see total fuel consumption to decline only marginally, by 0.5 percent year on year,” Rzechorzek said. “The impact on particular ... (full story)