So much for 'drill, baby, drill'.
The EIA now forecasts that US 2026 oil production will be lower than 2025.
There is nothing magical about these forecasts and these aren't big swings, despite recent declines in oil prices.
Notably, the EIA has global oil demand at 102.60mbpd, global oil supply at 104.24mbpd in May 2025, which might explain why prices have recovered so well.
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