(Reuters) – U.S. oil production is poised to set a larger record this year than prior estimates, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short-Term Energy Outlook report.
U.S. President Donald Trump has vowed to maximize U.S. oil production even as energy executives have held steadfast on prioritizing capital discipline over explosive growth.
The EIA said it now expects U.S. crude oil production to average 13.59 million barrels per day (bpd) in 2025, up from its prior estimate of 13.55 million bpd.
The agency maintained its estimate for U.S. consumption of petroleum and liquid fuels at 20.5 million bpd in 2025.
While Brent crude prices are expected to average around $74 in 2025, they will fall to about $66 in 2026, the agency said, hurt by gradual increases in production combined with relatively weak global oil demand growth.
Any future imposition of tariffs by Trump on Canada and Mexico is not presently anticipated to significantly affect global oil supply, EIA said, adding that the tariffs and new U.S. sanctions on Russia were sources of uncertainty for oil prices going forward.
Reporting by Arathy Somasekhar in Houston; Editing by Mark Porter
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