Oil production from the most prolific U.S. basin could climb about 8 percent in 2024 and help domestic crude hit record outputs this year and next year, the U.S. Energy Information Administration said Tuesday.
EIA said growth in the Permian Basin will send U.S. production levels soaring to an average of 13.71 million barrels a day by 2025, dwarfing the country’s all-time production record average of 12.93 million barrels a day set last year. The current output numbers already make the U.S. the largest producer of oil of any nation, ever.
The growth of U.S. production — as well as output in Latin America — could also lead to a global supply glut, according to a separate report published by the International Energy Agency on Wednesday.
Oil demand is still set to grow until around 2030, led by fast-growing Asian economies and the production of petrochemicals and aviation fuel. Still, oil producers are expected to unleash a surge of production — potentially producing 8 million barrels a day more than demand would dictate by 2030, according to the IEA report.
