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US Energy Information Administration Predicts Peak Oil Production
Data released by the US Energy Information Administration on Tuesday, April 15, revealed that US oil production will reach its highest level of 14 million barrels per day (bpd) in the year after next and will remain near that level through the end of the current decade, before declining rapidly thereafter.
In its annual Energy Outlook, the EIA stated that oil production from the United States, the world's largest crude oil producer, will decline to about 11.3 million bpd in 2050, compared to about 13.7 million bpd this year.
The report predicted that the recovery in oil demand in the United States since the decline of the COVID-19 pandemic will end next year, according to Reuters.
The EIA expects total supply, a measure of demand used by the agency, to rise to 20.52 million barrels per day in 2026, compared to 20.51 million barrels per day in 2025.
US oil consumption averaged 20.54 million barrels per day in 2019, before the COVID-19 pandemic, and reached an all-time high of 20.80 million barrels per day in 2005.
This follows the EIA's lowering of its forecast for global oil demand growth in 2025 and 2026 last week, citing a potential slowdown in economic activity amid the escalating trade war between the United States and China, as well as the US decision to impose tariffs on most imported goods.
The EIA also significantly lowered its oil price forecast and its forecast for increased US crude oil production this year and next, citing uncertainty about demand.
