U.S. Energy Information Administration Raises 2025 Oil Output Forecast

The U.S. Energy Information Administration said Tuesday in its Near-Term Energy Outlook that U.S. oil production is on track to hit a record high this year, higher than previously estimated.

The agency expects U.S. crude oil production to average 13.55 million barrels per day in 2025, up from its previous estimate of 13.52 million.

It also lowered its estimate for U.S. oil production in 2024 to 13.21 million barrels per day from 13.24 million previously.