EIA raises US oil production forecast for 2025, lowers 2024 estimate

U.S. oil production is poised to set a larger record this year than prior estimates, the U.S. Energy Information Administration said on Tuesday in its Short-Term Energy Outlook report.

The agency said it now expects U.S. crude oil production to average 13.55 million barrels per day (bpd) in 2025, up from its prior estimate of 13.52 million bpd. EIA also lowered its estimate on 2024 U.S. oil output to 13.21 million bpd, from 13.24 million bpd earlier.