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)

Newsquawk Staff · 10 Mar 2026, 16:22 UTC

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)

What it means

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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