The U.S. Energy Information Administration’s Short‑Term Energy Outlook cuts its 2026 Brent crude price forecast from $95.39 to $81.91 a barrel and the 2027 forecast from $79.39 to $64.76. The WTI benchmark is similarly trimmed, falling to $76.26 in 2026 and $60.76 in 2027.
Global oil demand is projected to dip modestly, from 102.9 to 102.8 million barrels per day in 2026 and from 105.3 to 104.8 in 2027, while supply is expected to rise to 101.9 and 109.8 million barrels per day respectively.
U.S. crude production is forecast to climb to 13.78 million barrels per day in 2026 before easing to 14.03 in 2027. Domestic demand stays flat at 20.7 million barrels per day in 2026 and rises slightly to 20.8 in 2027. Natural‑gas output is projected to grow from 111.2 to 115.3 billion cubic feet per day, with demand holding steady at 92.1 and 95.0 billion cubic feet.