US Energy Secretary Says Oil Output Drop in 2026 ‘Unlikely’

US Energy Secretary Chris Wright said it’s “unlikely” the country’s oil production will drop next year, contrary to the expectations released this week by a government agency.

Much will depend on oil prices and whether producers will follow through on pledges to reduce investment, Wright said in an interview on Bloomberg Television. The Energy Information Administration revised down its view of US production Tuesday, anticipating the first drop in output since 2021.