The US Energy Information Administration (EIA), in its latest Short-Term Energy Outlook report, forecasts that US crude oil production will average 13.5 million barrels per day (b/d) in 2026, about 100,000 b/d less than in 2025.
This forecast decline in production follows four years of rising crude oil output. Production increased by 0.3 million b/d in 2024 and by 0.4 million b/d in 2025, mostly because of increased output in the Permian Basin in Texas and New Mexico.
In 2026, the EIA forecasts that modest production increases in Alaska, the Federal Gulf of America, and the Permian Basin will be offset by declines in other parts of the US.
The EIA also forecasts that the West Texas Intermediate crude oil price will average $65 per barrel (b) in 2025 and $51/b in 2026, both lower than the 2024 average of $77/b. -OGN/TradeArabia News Service
