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)