EIA estimates U.S. oil production will grow more than expected

U.S. oil production will increase by 320,000 barrels per day (bpd) this year, reaching 13.25 million bpd, a record slightly higher than previously forecast, the U.S. Energy Information Administration (EIA) reported.

The agency, which had already forecast an average production of 13.24 million bpd for this year, also raised its production forecast for next year. The EIA now expects national production to reach 13.77 million bpd in 2025, up from its previous forecast of 13.71 million bpd.