U.S. oil production is expected to set a larger record this year than previously forecast, even as global oil supply outpaces fuel demand, the Energy Information Administration said in its Short-Term Energy Outlook report on Wednesday.

The Department of Energy’s statistical arm expects U.S. oil output to average 13.59 million barrels per day this year and then decline marginally to about 13.58 million bpd next year, the EIA said.

The agency had earlier forecast U.S. oil output would post a slightly steeper decline from about 13.53 million bpd in 2025 to 13.51 million in 2026.

It said the revisions to its forecasts were due to higher-than-expected production in August.

Oil output averaged 13.23 million bpd last year, which was the prior record.

Global crude oil and liquid fuels output

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