The U.S. Energy Information Agency (EIA) said Thursday in its annual energy outlook report that record oil production in the Permian basin is expected to continue for decades, according to Washington, D.C.

In the reference cases reported by EIA, the daily output of U.S. oil will climb from an average of 1.93 million barrels in 2017 to nearly 15 million barrels, and will stabilize to below 12 million barrels by 2050.

But in its high oil and gas resources and technology case, EIA predicts that U.S. oil production will climb to more than 20 million barrels per day by 2040.

However, the U.S. Energy Information Agency predicts that, at low oil prices, U.S. oil production will peak slightly below 13 million barrels a day in five years and will gradually fall to about 8.3 million barrels by 2050.

“The scale of resources and the speed of technological progress in reducing production costs directly translate into long-term total production,” EIA said in its report. Much higher oil prices can boost short-term production, but they cannot sustain higher production rates.

Over the next 30 years, shale production in 48 states on the mainland will account for nearly 70% of U.S. domestic production, according to the report.