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US crude oil production grew by 350,000 b/d, in 2025, setting a new annual production record of 13.6M b/d, according to our latest STEO.

US crude oil production rose in 2025, setting new record

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U.S. crude oil production grew by 3%, or 350,000 barrels per day (b/d), in 2025, setting a new annual production record of 13.6 million b/d, according to our latest Short-Term Energy Outlook (STEO). Production from the Lower 48 states excluding the Gulf of America (L48) accounted for 11.3 million b/d, or 83% of the total U.S. crude oil production in 2025. The rest of the production came from Federal Gulf of America (GOA) and Alaska.

In 2025, the number of active rigs per month in L48 was 5% less than in 2024 and 1% fewer wells were drilled. Despite less rig activity and fewer wells, efficiency improvements that we saw in 2024 continued through 2025 and resulted in a slight increase in crude oil production, with new wells producing 2.9 million b/d of crude oil and wells drilled prior to 2025 producing 8.3 million b/d. Rig and well activity fell in 2025 compared with 2024 because West Texas Intermediate (WTI) crude oil prices fell from $77/barrel (b) in 2024 to $65/b in 2025.

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Source: eia

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Crude oil prices eased Tuesday in extended trading, after Pres. Trump said the U.S. would insure tankers moving through the Strait of Hormuz.

Oil prices ease after Trump says US will insure tankers transiting Strait of Hormuz

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Crude oil prices eased Tuesday in extended trading, after President Donald Trump said the U.S. would provide insurance to tankers in the Persian Gulf to get maritime traffic moving through the Strait of Hormuz.

U.S. crude prices rose 4.68%, or $3.33, to close at $74.56 per barrel, while global benchmark Brent gained 4.71%, or $3.66, to settle at $81.40. Prices had surged more than 9% earlier on fears the widening war in the Middle East would result in a prolonged disruption to regional oil and gas supplies.

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Source: CNBC

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Occidental's president and CEO, Vicki Hollub, asserts that the Permian still has significant oil to develop, disputing concerns about falling well productivity.

The Permian oil boom isn’t over just yet

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The Permian has more oil in place to allow output growth for the next few years, Occidental’s president and CEO Vicki Hollub said this week, commenting on mounting concerns among analysts that well productivity in the top oil-producing U.S. shale basin is dropping off.

“Well, we’ve seen continuing improvement in our oil well productivity and so we haven’t seen a drop off,” Hollub said at the ADIPEC energy conference in Abu Dhabi, as carried by Reuters.

While there has been a degradation of productivity with some operators, the Permian “still has enough additional oil to develop that will continue to grow over the next few years,” Oxy’s Hollub said.

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Source: Oil Price

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