U.S. to Break Crude Production Record This Year and Next

The U.S. Energy Information Administration (“EIA”) is optimistic about the future of domestic crude production, projecting a remarkable surge in 2024 and 2025. According to the agency’s Short-Term Energy Outlook (“STEO”), the forecast predicts a substantial increase of 290,000 barrels per day (bpd) in 2024, propelling production to 13.21 million bpd.This upward trajectory continues into 2025, with an estimated record-breaking output of 13.44 million bpd. The primary driver behind this growth is the enhanced ...