Lates News

The U.S. Energy Information Administration (EIA) stated in today's release of the "Annual Energy Outlook" that U.S. crude oil production is expected to decline in the mid-2030s, while the global crude oil futures price is forecasted to remain below $70 per barrel by 2030. By 2050, U.S. crude oil daily production is projected to be between 12.4 million and 12.7 million barrels, lower than the 13.6 million barrels in 2025, with the Permian Basin accounting for a major portion of onshore output. U.S. domestic producers will also face a decrease in supply of high-quality drilling blocks. Consumption of oil and other liquid fuels is expected to decrease by 11% to 23% by 2050 compared to 2025, mainly due to the increased use of electric vehicles. It is expected that Brent crude oil futures prices will remain below $70 per barrel before 2030 and are forecasted to rise to over $75 per barrel by the late 2030s, supporting a rebound in crude oil production for most of the 2040s, but production is expected to decline again by 2050. This forecast does not take into account the U.S.-Iran ceasefire agreement.