U.S. crude oil production is expected to hit an all-time high this year, according to a new estimate from the Energy Information Administration.

Crude oil production is expected to surpass 12.9 million barrels per day for the first time by the end of 2023 and is expected to exceed 13 million barrels per day in early 2024, the agency said.

“We forecast continued growth in domestic oil production, which is bolstered by higher oil prices and higher well productivity in the near term,” EIA Administrator Joe DeCarolis said in a statement.

Earlier this summer, the EIA predicted lower than expected global oil production because of an OPEC announcement that it will continue to cut crude oil production through 2024. In July, Saudi Arabia announced an additional oil production cut of one million barrels per day — a cut that will continue through at least next month.

Oil prices have been rising since June and are expected to continue increasing through the end of the year, pushing up gas prices. The EIA expects the national average per gallon will be $3.63 for the rest of 2023.