EIA predicts that US crude and gas production will reach record levels in 2025

The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook report (STEO), released on Tuesday, said that the U.S. production of crude oil, natural gas, and electricity will all reach record levels in 2025.

The agency expects that crude oil production will average 13,61 million barrels a day (bpd), in 2025, and 13,76 million bpd by 2026. This is up from the 13.22 million bpd of 2024.

The report also predicted that domestic consumption of petroleum and liquid fuels would increase to 20.5 millions bpd by 2025, and 20.6million bpd by 2026 from 20.3million bpd. This compares to a record of 20.8 million bpd set in 2005.

The EIA has updated its projections for crude production by 2025. It is now higher than the previous month's estimate of 13,59 million bpd.

The dry gas production is also expected to increase from 103.2 billion cubic foot per day (bcfd), in 2024, to 105.2 bcfd, in 2025, and then 107.5 bcfd by 2026. This compares to a record of 103.6 bcfd for 2023.

The agency predicted that domestic gas consumption will rise from 90.4 bcfd, a record in 2024, to 92.0 bcfd by 2025. It then drops to 91.1 bcfd by 2026.

The EIA predicted that the U.S. electricity consumption would reach record levels in 2025 and 26.

The EIA predicted that the demand for electricity will increase to 4,215 kilowatt hours (kWh) by 2025, and to 4,278 kWh by 2026. This is a significant increase from the 4,097 kWh record set in 2024.

(source: Reuters)