This week U.S. Energy Information Administration reduced its forecast for crude oil production this year. In its Short-Term Energy Outlook released Tuesday, EIA said, “Declining oil prices have contributed to U.S. producers slowing their drilling and completion activity this year. As a result, we forecast U.S. crude oil production will decline from an all-time high of just over 13.4 million barrels per day in the second quarter of 2025 to less than 13.3 million b/d by 2026Q4. On an annual basis, we now forecast crude oil production will average 13.37 million b/d in both 2025 and 2026.”
U.S. production of crude oil was 11.99 million b/d in 2022, 12.93 million b/d in 2023 and 13.21 million b/d in 2024.
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