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The Energy Information Administration (EIA) said on Tuesday that US oil production is expected to hit a larger record this year than previously anticipated. EIA raised its forecast for oil production in 2025 by 20,000 barrels to an average of 13.61 million barrels per day, setting a new record high. However, the agency lowered its total production forecast for 2026 by 50,000 barrels to an average of 13.53 million barrels per day. EIA's upward revision of this year's US production forecast reinforces expectations of an oversupply in the oil market. Earlier, the International Energy Agency (IEA) stated last month that the global oil market could see a larger surplus of up to 4.09 million barrels per day next year.