U.S. Crude Oil Production Aims for Record High in 2026
U.S. crude oil production is on track to reach an all-time high in 2026, driven by growth in the Permian basin and new projects in the federal Gulf of Mexico, according to the U.S. Energy Information Administration's latest Short-Term Energy Outlook (STEO).
The EIA forecasts that U.S. crude oil production will average 13.8 million barrels per day (MMbpd) in 2026, surpassing the previous record of 13.7 MMbpd set in 2025.
Most of this year's growth is concentrated in the Permian region of Texas and New Mexico, where production is expected to average 6.8 MMbpd in 2026, up 3% from 2025.
The stronger price environment, with WTI crude prices averaging $84 per barrel through August, is supporting drilling activity and continued production gains across the Permian.