U.S. sees record oil production next year moving even higher.

Oil output will average 12.6 million barrels a day in 2023, an increase from its previous estimate of 12.41 million, according to Energy Information Administration data. The current annual all-time high of 12.3 million barrels a day was set in 2019. This year's production forecast was also revised higher to 11.97 million barrels a day from an earlier projection of 11.8 million, the EIA said in its monthly Short-Term Energy Outlook report. This extra U.S. supply is a welcome boon for President Joe Biden, who has asked suppliers to raise production in order to help tamp down energy prices that are contributing to the highest inflation in decades. In the wake of oil prices surging to their highest since...