The US Energy Information Administration has not made any significant changes to its forecasts, says Carsten Fritsch, commodities analyst at Commerzbank.
EIA expects net US crude oil imports to fall more than 20%
“It predicts that US crude oil production will increase by an average of 280 thousand barrels per day next year, slightly less than previously expected. At 13.6 million barrels per day, the level of Production at the end of 2025 will be the same as at the end of 2024. US oil production, including NGLs, is expected to increase by 390 thousand barrels per day next year.”
“This casts further doubt on the IEA’s optimistic production forecast, which expects the US to increase production by 240,000 barrels per day. The EIA also expects US net crude oil imports to fall further. from 20% year-on-year to 1.9 million barrels per day next year, which would be the lowest level since 1971.”
“The reason for this is the continued increase in crude oil production with a simultaneous decline in crude oil processing.”
Source: Fx Street
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