US crude oil output to hit record high in 2026, EIA forecasts
US crude production is expected to reach a record high for the fourth consecutive year in 2026, according to the Energy Information Administration.
Key Takeaways
AIThe US Energy Information Administration (EIA) said on Tuesday that US crude oil production is expected to reach a record high for the fourth consecutive year in 2026.
The EIA projected output will reach 13.9 million barrels per day this year, up from 13.7 million in 2025. US crude production is forecast to rise again in 2027, reaching 14.3 million barrels per day.
The agency also expects Brent crude prices to average $97 per barrel in 2026 before easing to $86 in 2027.
The EIA reported that crude prices rose for a third consecutive month in October. It forecasts average diesel prices at fuel stations to reach $5.03 per gallon next year, up from a previous estimate of $4.49, while average gasoline prices are expected to be $3.73 per gallon, compared to the earlier forecast of $3.56.