S&P Global said recently it expects an annual decline in U.S. crude oil production next year. A combination of slowing global oil demand fueled by uncertainty over U.S. trade and a coming supply surplus will curtail U.S. oil production later this year and could lead to an annual decline next year. U.S. total production for 2025 is expected to average 13.46 million barrels per day – a gain of 252,000 b/d over last year – before falling to 13.33 million b/d in 2026 for a decline of 130,000 b/d.
The forecasts are included in the latest Global Crude Oil Markets Short Term Outlook.
Ian Stewart, S&P Global associate director, told Midland Reporter Telegram, “Demand growth has been on a downward trajectory since 2023.”
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