US Crude Oil Production to Hit Record High in 2026
The US Energy Information Administration (EIA) has forecast that US crude oil production will reach a new record high of 13.8 million barrels per day in 2026, surpassing last year's record of 13.7 million b/d.
This growth is driven primarily by the Permian Basin, where production is expected to average 6.8 million b/d in 2026, a 3% increase from 2025. The Federal Gulf of Mexico also contributed to the gains, with four major new projects coming online and adding to output.
The higher crude prices, currently averaging $84 per barrel, are supporting more oil-directed drilling in the Permian Basin, leading to increased production. However, hurricane activity in the Gulf is a noted risk to output, although current seasonal forecasts suggest a quieter-than-normal season.