U.S. Energy Information Administration said in its latest short-term energy outlook it expects U.S. crude oil production to be relatively flat in 2026 and decline in 2027 while global oil inventories continue to increase. EIA expects global inventories to increase in 2026 and 2027, although at a slower pace in 2027.
Brent crude oil prices are forecast to average $56 per barrel in 2026 and $54 per barrel in 2027 after $69/b in 2025. WTI price is forecast to average $52/b in 2026 and $50/b in 2027 after $65/b in 2025.
U.S. production reached a record of 13.6 million b/d in 2025, and EIA predicted Jan. 13 it will average about 13.6 million b/d again this year before falling to 13.3 million b/d in 2027.
EIA expects global production of liquid fuels to increase by 1.4 million b/d in 2026 and 0.5 million b/d in 2027.