Commodities
U.S. Crude Oil Production Aims for Record High in 2026
U.S. crude oil production is on track to reach a record average of 13.8 million barrels per day (MMbpd) in 2026, according to the U.S. Energy Information Administration's latest Short-Term Energy Outlook (STEO). This would surpass the previous annual record of 13.7 MMbpd set in 2025.
The growth is driven by continued Permian basin expansion and rising output from new projects in the federal Gulf of America, with most of this year's increase concentrated in these regions.
Permian production is forecast to average 6.8 MMbpd in 2026, up 3% from 2025, supported by higher oil prices and continued oil-directed drilling. The stronger price environment is expected to support drilling activity and continued production gains across the Permian.