BAKU, Azerbaijan, May 9. US crude oil production is expected to reach an average of 13.7 mb/d in 2025, surpassing the previous record of 12.9 mb/d set in 2023, Trend reports.
According to the US Energy Information Administration (EIA), US commercial crude oil inventories are poised to rise above the five-year average starting from August 2024, exceeding the average by October 2025.
This upward trend in crude oil inventories is attributed to the combination of increasing US crude oil production, declining refinery operations, and a shift in global oil market dynamics towards a more relaxed balance, the agency explained.
"At the end of April, US commercial crude oil inventories were 461 million barrels. We forecast that US commercial crude oil inventories will fall to below 430 million barrels in August, near the previous five-year low for that month. The decline in commercial crude oil inventories reflects our expectation of increasing US refinery runs in the coming months," the EIA added.
Additionally, US refinery runs are expected to decrease by 1 percent, averaging 15.8 mb/d in 2025, down from 16 mb/d in 2023.
Meanwhile, despite the significant increase in runs between 1Q2024 and 3Q2024, the EIA projects that overall refinery operations in 2024 will average 15.9 mb/d.