This report provides a forecast of U.S. crude oil production through 2026, highlighting record-setting growth in 2024 that moderates over the subsequent two years. Production is expected to climb to 13.5 million barrels per day (b/d) in 2025 and reach 13.6 million b/d in 2026. The Permian region remains the principal driver of this growth, benefiting from improved well productivity, new technology, and expanded pipeline takeaway capacity. In contrast, production outside the Permian is projected to remain flat in 2025 and decline slightly in 2026, largely due to lower drilling activity and less favourable infrastructure. Meanwhile, the Gulf of Mexico contributes steady gains, as its large-scale offshore projects operate on longer timelines and exhibit limited sensitivity to short-term price fluctuations.

This new report from the International Energy Agency, The Path to a New Era for Nuclear Energy, examines how nuclear power can help tackle energy security and climate challenges, while highlighting the policies, innovations, and financing needed to realise its full potential. Despite facing setbacks in recent years, nuclear energy is rebounding, with investment and technological advances on the rise in over 40 countries—driven by accelerating global electricity demand. The report also explores the role of small modular reactors, stressing that with continued innovation, robust support, and careful planning for both workforce and supply chains, nuclear power can enter a revitalised era of reliable, low-emission energy.

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