EIA STEO: 2026 World Oil Demand 102.9mln bpd (prev. 104.2mln bpd), 2027 105.3mln bpd (prev. 105.6mln bpd)
Newsquawk Staff ·
U.S. Oil Production
- 2026: 13.72mln bpd (prev. 13.65mln bpd)
- 2027: 14.15mln bpd (prev. 14.1mln bpd)
- June: 13.83mln bpd (May 13.71mln bpd)
- July: 13.82mln bpd
U.S. Oil Demand
- 2026: 20.7mln bpd (prev. 20.7mln bpd)
- 2027: 20.7mln bpd (prev. 20.7mln bpd)
U.S. Natural Gas Production
- 2026: 111 bcf/d (prev. 110.6 bcf/d)
- 2027: 113.6 bcf/d (prev. 115 bcf/d)
- June: 122.3 bcf/d (May 122.1 bcf/d)
- July: 122.5 bcf/d
U.S. Natural Gas Demand
- 2026: 92.1 bcf/d (prev. 91.2 bcf/d)
- 2027: 95 bcf/d (prev. 94.4 bcf/d)
World Oil Production
- 2026: 99mln bpd (prev. 101.6mln bpd)
- 2027: 109.3mln bpd (prev. 109.5mln bpd)
WTI Crude Price Forecast
- 2026: USD 88.32/bbl (prev. USD 85.68/bbl)
- 2027: USD 74.39/bbl (prev. USD 74.39/bbl)
Brent Crude Price Forecast
- 2026: USD 95.39/bbl (prev. USD 94.85/bbl)
- 2027: USD 79.39/bbl (prev. USD 79.39/bbl)
Commentary
- Does not expect Strait of Hormuz traffic to ramp up to pre-Iran war level until early 2027.
- Assumes oil shipments through Strait of Hormuz resume in Q3 2026.
- Expects some middle east output to remain disrupted beyond STEO forecast that runs through end-2027.
- US and Israeli militaries have reportedly developed plans for renewed strikes on Iran after the US midterm elections, targeting energy infrastructure, nuclear facilities and missile and drone arsenals, NYT reports, citing sources
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- Ukrainian President Zelensky says supports US proposal for trilateral talks at level of negotiators as soon as possible; Ukraine hopes for meeting not later than early November; Meeting could discuss peace and possible leaders’ summit
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