EIA STEO (Feb): World oil demand; 2026 at 104.8mln BPD (prev. 104.8mln BPD), 2027 at 106.1mln BPD (prev. 106.1mln BPD)
Newsquawk Staff ·
World Oil Demand
- 2026: 104.8mln bpd (prev. 104.8mln bpd)
- 2027: 106.1mln bpd (prev. 106.1mln bpd)
World Oil Production
- 2026: 107.8mln bpd (prev. 107.7mln bpd)
- 2027: 108.8mln bpd (prev. 108.2mln bpd)
U.S. Oil Production
- 2026: 13.6mln bpd (prev. 13.59mln bpd)
- 2027: 13.32mln bpd (prev. 13.25mln bpd)
- February: 13.73mln bpd (Jan. 13.54mln bpd)
- March: 13.74mln 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: 110 bcf/d (prev. 108.8 bcf/d)
- 2027: 111.2 bcf/d (prev. 109.7 bcf/d)
- February: 120.7 bcf/d (Jan. 117.1 bcf/d)
- March: 120.9 bcf/d
U.S. Natural Gas Demand
- 2026: 91.6 bcf/d (prev. 90.3 bcf/d)
- 2027: 91.5 bcf/d (prev. 90.9 bcf/d)
WTI Crude Price Forecast
- 2026: USD 53.42/bbl (prev. USD 52.21/bbl)
- 2027: USD 49.34/bbl (prev. USD 50.36/bbl)
Brent Crude Price Forecast
- 2026: USD 57.69/bbl (prev. USD 55.87/bbl)
- 2027: USD 53/bbl (prev. USD 54.02/bbl)
What it means
The latest EIA Short-Term Energy Outlook indicates steady world oil demand projections for 2026 and 2027, while U.S. oil production expectations show slight increases, particularly in February. The revised forecasts for WTI and Brent prices reflect a modest uptick for 2026 but a decrease for 2027, highlighting potential market challenges ahead. Overall, these metrics suggest a balanced but cautious outlook for energy markets moving into the next two years.
Sources
- Netanyahu’s Likud Party to be largest in Knesset, reports Channel 12 Exit Poll; no clear winner in Israeli election
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- Russian Foreign Minister Lavrov says the Ukraine conflict is likely to continue and will likely escalate. Leaders of Finland and Norway raised no new proposals.
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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