Calgary-based Enverus Intelligence Research this week issued updates to its global oil outlook that include increased forecasts for Brent crude in 2026 and 2027. “The world has an oil flow problem that is draining stocks,” Al Salazar, director of research at Enverus, said Tuesday. “Whenever that oil flow problem is resolved, the world is left with low stocks. That’s what drives our oil price outlook higher for longer.”
As the U.S.-Israeli war continues in Iran, Enverus expects Brent crude to average $95 per barrel for the remainder of 2026 and $100 in 2027 due to accelerating global stock draws and an unresponsive supply outlook. Salazar added, “We expect a much more restrained U.S. supply response than in previous $100/barrel environments.”
Enverus said even with WTI prices at $90 to $100 per barrel, U.S. oil producers are not expected to materially increase output. Enverus forecasts liquids output to grow by 370,000 b/d by yearend 2026 and by 580,000 b/d by yearend 2027.
And Enverus said global oil demand for 2026 has been reduced by about 500,000 b/d as higher energy prices and anticipated supply disruptions weigh on global economic activity.
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