The U.S. Energy Information Administration (EIA) has raised its oil price forecasts for 2026 and 2027, while also increasing its projections for U.S. crude oil production. The latest Short-Term Energy Outlook puts the 2026 WTI crude oil price at $88.21 per barrel and Brent crude at $96.32 per barrel.
EIA Raises WTI and Brent Price Forecasts
The EIA now expects the average WTI crude oil price to reach $88.21 per barrel in 2026, compared with its previous forecast of $84.65. For 2027, WTI is projected at $79.74 per barrel, up from the earlier estimate of $69.74.
The 2026 Brent crude oil forecast has been raised to $96.32 per barrel from $91.01. For 2027, the EIA expects Brent to average $83.74 per barrel, compared with its previous forecast of $73.74.
The EIA also expects Middle Eastern oil production and exports through the Strait of Hormuz to gradually increase as transit facilitation improves.
U.S. Oil Production Forecast Raised
U.S. crude oil production is now projected to average 13.87 million barrels per day in 2026, up from the previous estimate of 13.83 million barrels per day. The 2027 forecast has also increased to 14.3 million barrels per day from 14.26 million barrels per day.
For October, U.S. oil production is projected at 14 million barrels per day, compared with 13.96 million barrels per day in September. November production is expected to average 14.04 million barrels per day.
The EIA expects U.S. crude oil production to increase by 430,000 barrels per day in 2027, unchanged from its previous estimate.
Global Oil Demand Forecast Cut
The EIA has slightly lowered its global oil demand forecast for 2026 to 102.4 million barrels per day from 102.6 million barrels per day. For 2027, global demand is projected at 104.6 million barrels per day, down from the previous estimate of 105 million barrels per day.
U.S. oil demand is forecast at 20.6 million barrels per day in 2026 and 20.8 million barrels per day in 2027. The 2026 estimate is unchanged, while the 2027 forecast remains unchanged.
The EIA also projects that oil production shutdowns will fall to 2.7 million barrels per day in the first quarter of 2027 from 4.5 million barrels per day in the fourth quarter of 2026 as alternative transportation options expand.
Q1. What is the EIA oil price forecast for WTI in 2026?
The EIA forecasts average WTI crude oil prices at $88.21 per barrel in 2026.
Q2. What is the EIA forecast for Brent crude oil in 2026?
The EIA projects Brent crude oil at an average of $96.32 per barrel in 2026.
Q3. How much will the U.S. produce in 2026?
U.S. crude oil production is projected to average 13.87 million barrels per day in 2026.
Q4. What is the EIA’s global oil demand forecast for 2027?
Global oil demand is projected at 104.6 million barrels per day in 2027.
Q5. How much are oil production shutdowns expected to fall in early 2027?
The EIA projects shutdowns at 2.7 million barrels per day in the first quarter of 2027, down from 4.5 million barrels per day in the fourth quarter of 2026.
