According to the latest Short Term Energy Outlook (STEO), U.S. petroleum production is forecast to hit 13.41 million barrels per day (bpd) in 2025 due primarily to improved well productivity. Increased supply will lower prices in 2026 and result in a fall in output to 13.28 million bpd in 2026, which would constitute the first drop in production since 2021, but still higher than the 13.21 million bpd produced in 2024. U.S. oil demand will increase to 20.4 million bpd in 2025, in line with previous forecasts according to the Energy Information Administration (EIA). In 2026, oil demand will rise to 20.5 million bpd, versus a previous estimate of 20.4 million bpd.
Sources: EIA, WPI Crude oil production was driven by hi...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
