U.S. oil production hit a record high of 13.58 million barrels per day in June 2025, with experts predicting a peak at 14.34 mb/d in March 2026. However, growth is slowing, especially in Texas. Smaller U.S. producers are on the decline due to lower oil prices, while oil majors continue to grow. Global energy consultant FGE revised its 2025 and 2026 global oil output forecasts. The EIA expects U.S. production to fall from 13.57 mb/d in December 2025 to 13.16 mb/d in December 2026 due to low oil prices.

OPEC+ agreed to increase oil output by 137,000 bpd starting in October, unwinding production cuts ahead of schedule. The market response has been lackluster, as compensation cuts by some OPEC+ members may offset the increase. Standard Chartered predicts a cautious approach going forward, with no more large increases expected. Brent crude and WTI crude prices have seen some movement in response to the news.

Read more at Yahoo Finance: American Oil Majors Expand as Smaller Producers Retreat Amid Price Pressures