EIA STEO: 2026 world oil demand seen at 105.2mln BPD (prev. 104.8mln BPD); sees 2027 world oil demand at 106.6mln BPD (prev. 106.1mln BPD)
- Does not expect OPEC+ to significantly increase production next year given estimates of significant inventory builds over the forecast period.
U.S. Oil Production
- 2026: 13.61mln bpd (prev. 13.6mln bpd)
- 2027: 13.83mln bpd (prev. 13.32mln bpd)
- March: 13.72mln bpd (Feb. 13.7mln bpd)
- April: 13.68mln bpd
U.S. Oil Demand
- 2026: 20.6mln bpd (prev. 20.6mln bpd)
- 2027: 20.7mln bpd (prev. 20.7mln bpd)
U.S. Natural Gas Production
- 2026: 109.5 bcf/d (prev. 110 bcf/d)
- 2027: 112.3 bcf/d (prev. 111.2 bcf/d)
- March: 120.6 bcf/d (Feb. 120.8 bcf/d)
- April: 120.5 bcf/d
U.S. Natural Gas Demand
- 2026: 91.4 bcf/d (prev. 91.6 bcf/d)
- 2027: 92.1 bcf/d (prev. 91.5 bcf/d)
World Oil Production
- 2026: 107mln bpd (prev. 107.8mln bpd)
- 2027: 109.6mln bpd (prev. 108.8mln bpd)
World Oil Demand
- 2026: 105.2mln bpd (prev. 104.8mln bpd)
- 2027: 106.6mln bpd (prev. 106.1mln bpd)
WTI Crude Price Forecast
- 2026: USD 73.61/bbl (prev. USD 53.42/bbl)
- 2027: USD 60.81/bbl (prev. USD 49.34/bbl)
Brent Crude Price Forecast
- 2026: USD 78.84/bbl (prev. USD 57.69/bbl)
- 2027: USD 64.47/bbl (prev. USD 53/bbl)
Context
The latest EIA STEO report revises world oil demand estimates upward for 2026 and 2027, implying a tighter supply-demand balance. Notably, OPEC+ is not expected to increase production significantly despite projected inventory builds, which suggests that oil prices could be supported in the near term. The sharp upward revision in WTI and Brent price forecasts reflects these dynamics, potentially impacting broader commodities and energy markets.
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