The US Energy Information Administration said on Tuesday that crude oil production is expected to reach a record 13.61 million b/d this year. Despite market concerns about weak oil prices, drilling companies warned that production could peak. According to the “Short-Term Energy Outlook” released by the US Energy Information Administration on Tuesday, crude oil production increased by about 380,000 barrels per day this year. However, due to the gradual impact of the slowdown in drilling activity, crude oil production is expected to drop by about 80,000 barrels per day to about 13.53 million barrels next year. The EIA expects the average price of benchmark Brent crude oil to be around $55 per barrel in the first quarter and remain around this level for the rest of 2026. Currently, the price of Brent oil is around 62 US dollars per barrel.

The US Energy Information Administration said on Tuesday that crude oil production is expected to reach a record 13.61 million b/d this year. Despite market concerns about weak oil prices, drilling companies warned that production could peak. According to the “Short-Term Energy Outlook” released by the US Energy Information Administration on Tuesday, crude oil production increased by about 380,000 barrels per day this year. However, due to the gradual impact of the slowdown in drilling activity, crude oil production is expected to drop by about 80,000 barrels per day to about 13.53 million barrels next year. The EIA expects the average price of benchmark Brent crude oil to be around $55 per barrel in the first quarter and remain around this level for the rest of 2026. Currently, the price of Brent oil is around 62 US dollars per barrel.