EIA STEO: 2026 World Oil Demand 102.9mln bpd (prev. 104.2mln bpd), 2027 105.3mln bpd (prev. 105.6mln bpd)
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EIA STEO: 2026 World Oil Demand 102.9mln bpd (prev. 104.2mln bpd), 2027 105.3mln bpd (prev. 105.6mln bpd)
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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.
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