After reaching an all-time high in recent months, U.S. crude oil production is likely to decline through the end of next year, according to the U.S. Energy Information Administration (EIA).

Production topped out at 13.5 million barrels per day during the second quarter of 2025 but is likely to drop to 13.4 million barrels per day by the end of this year and just below that in 2026, the EIA predicted Tuesday.

The number of active drilling rigs dropped by four from May 30 to June 6, according to oilfield service company Baker Hughes. The latest rig count is 559, 35 less than in June 2024.

Declining production and drilling are a result of low oil prices, which the EIA predicts will fall beneath $60 per barrel for a key index by the end of the year and remain slightly lower in 2026.