EIA STEO: World Oil Demand 2026: 104.8mln bpd (prev. 105.2mln bpd); 2027: 106.1mln bpd
Newsquawk Staff ·
World Oil Production
- 2026: 107.7mln bpd (prev. 107.4mln bpd)
- 2027: 108.2mln bpd
World Oil Demand
- 2026: 104.8mln bpd (prev. 105.2mln bpd)
- 2027: 106.1mln bpd
U.S. Oil Production
- 2026: 13.59mln bpd (prev. 13.53mln bpd)
- 2027: 13.25mln bpd
- January: 13.49mln bpd (Dec. 13.52mln bpd)
- February: 13.38mln bpd
U.S. Oil Demand
- 2026: 20.6mln bpd (prev. 20.6mln bpd)
- 2027: 20.7mln bpd
U.S. Natural Gas Production
- 2026: 108.8 bcf/d (prev. 109.1 bcf/d)
- 2027: 109.7 bcf/d
- January: 120.2 bcf/d (Dec. 120.5 bcf/d)
- February: 119.8 bcf/d
U.S. Natural Gas Demand
- 2026: 90.3 bcf/d (prev. 90.8 bcf/d)
- 2027: 90.9 bcf/d
WTI Crude Price Forecast
- 2026: USD 52.21/bbl (prev. USD 51.42/bbl)
- 2027: USD 50.36/bbl
Brent Crude Price Forecast
- 2026: USD 55.87/bbl (prev. USD 55.08/bbl)
- 2027: USD 54.02/bbl
What it means
The EIA's latest STEO report shows a downward revision in world oil demand for 2026, now projected at 104.8 million bpd compared to the previous 105.2 million bpd. This reduction signals potential softness in the global oil market, which could impact pricing and economic growth forecasts. Furthermore, increases in production estimates, particularly from the U.S., could further pressure oil prices, indicating a growing supply surplus relative to demand expectations.
Sources
- Newsquawk US Market Wrap - Stocks mixed on AI rebound ahead of US midterms
- Eight tankers carrying 300,800 tonnes of Russian diesel are being monitored on potential voyages to the US, with seven declaring the US as their destination and arrivals expected from November 7th, according to Ukrainian sources cited by an RFE journalist
- Israel has shared intelligence with the US asserting that Iran is considering the use of chemical weapons against its adversaries, information met with alarm by some American officials and deep skepticism by others, NYT reports citing sources
- Israeli PM Netanyahu was reportedly the one who proposed to US President Trump the ending of financial aid to Israel, N13 reports citing sources
- US EQUITY OPEN: Tech pares back some recent losses as US/Iran negotiations and US midterms are in focus
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