EIA expects US crude, gas output to rise to record highs in 2025

U.S. crude oil and natural gas production, along with demand for natural gas and electricity, will all rise to record highs in 2025, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short Term Energy Outlook (STEO) report.The agency said it expects crude oil production to average 13.61 million barrels per day (bpd) in 2025 and 13.76 million bpd in 2026, up from 13.22 million bpd in 2024.It also projected domestic petroleum and other liquid fuels consumption would rise to 20.5 million bpd in 2025 and 20.6 million bpd in 2026, from 20.3 million bpd in 2024. That compares with a record 20.8 million bpd in 2005.The EIA's latest projection for crude production in 2025 was higher than the prior month's projection of 13.59 million bpd.It also projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 105.2 bcfd in 2025 and 107.5 bcfd in 2026. That compares with a record 103.6 bcfd in 2023.The agency estimated domestic gas consumption would rise from a record 90.4 bcfd in 2024 to 92.0 bcfd in 2025 before easing to 91.1 bcfd in 2026.U.S. power consumption will rise to record highs in 2025 and 2026, the EIA said.With growing demand from data centers dedicated to artificial intelligence and cryptocurrency and with homes and businesses using more electricity for heat and transportation, the EIA projected power demand will rise to 4,215 billion kilowatt-hours (kWh) in 2025 and 4,278 billion kWh in 2026 from a record 4,097 billion kWh in 2024.