EIA Foresees Record U.S. Crude and Gas Output This Year

SEATTLE (Oil Monster): The latest Short Term Energy Outlook (STEO) report published by the U.S. Energy Information (EIA) foresees U.S. crude oil and natural gas production reaching record levels during the current year. The report forecasts notable surge in demand for natural gas and electricity in the country in 2025.

According to the report, the U.S. crude oil production is expected to average at levels of around 13.61 million barrels per day (mbbl/d) in 2025. The projected output figures for 2025 is significantly higher when compared with the estimate of 13.5mbbl/d provided during the previous month. The production is likely to witness further increase to touch 13.76mbbl/d in the following year.

ALSO READ:

U.S. Natural Gas-Directed Rigs Saw Sharp Decline ion 2024

EIA Lifted Henry Hub Natural Gas Price Forecasts

Dry gas output is expected to rise from 103.2 billion cubic feet per day (bcf/d) in 2024 to 105.2 bcf/d in 2025, according to the EIA report. It is anticipated that 2026 production will be approximately 107.5 bcf/d. The projected numbers surpass the existing record of 103.6 bcf/d in 2023 by a significant margin.

It is anticipated that the nation's domestic gas consumption will increase from 90.4 bcf/d in 2024 to a record 92.0 bcf/d in 2025. In 2026, however, consumption might drop to 91.1 bcf/d. With consumption levels anticipated to peak in 2025 and 2026, the demand for energy in the United States is likewise anticipated to increase.