EIA predicts US crude production will fall in 2026
June 11, 2025
API reports crude oil stocks are down 370,000 barrels, gasoline stocks is up 3 million barrels, and distillate stocks are up 3.7 million barrels.
The average estimates for today’s DOE inventory update from the Bloomberg survey are for crude stocks to be down 2.269 million barrels, gasoline up 672,000 barrels, and distillates up 514,000 barrels.
The average estimate for today’s propane inventory update is for supplies to be up 2.7 million barrels.
The energy markets are higher to start out today as news that China and the US have made progress on trade negotiations is helping to support prices. President Trump says that China will supply the US with rare earth minerals as part of this trade deal. If this gets confirmed, it could ease the restriction on US ethane and butane exports.
European Commission President, Ursula von der Leyen, said the European Commission has proposed an 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Russia’s energy revenues and military industry.
The EIA said in its monthly Short Term Energy Outlook report that US crude oil production will fall next year to about 13.37 million bpd from about 13.42 million bpd this year.
OPEC Secretary General , Haitham Al Ghais, said oil demand growth will remain strong over the next two and half decades as the world population grows. He said OPEC expects a 24% increase in the world’s energy needs between now and 2050, with oil demand surpassing 120 million bpd over the time period.