"Forecast: U.S. Oil Production to Reach New Record Highs Despite Market Battle"
The Energy Information Administration (EIA) forecasts that the United States will reach a new record in crude oil production at 13.4 million barrels per day in 2025, driven by increases in well efficiency. However, the EIA also predicts a slowdown in production growth due to fewer active drilling rigs. Additionally, the report forecasts a decline in U.S. coal production and expects global liquid fuels production growth to slow in 2024 before rebounding in 2025. The EIA also anticipates relatively balanced global supply and demand of petroleum liquids, with crude oil prices expected to slightly outpace demand growth in 2025.