EIA Raises Oil Forecasts Again, Sees Brent Near $77 in Late 2027
The agency lifted its annual Brent outlook for a fourth time, while forecasting lower prices as oil inventories recover next year.
Key takeaways
- EIA raised its 2026 average Brent forecast to $97.44 a barrel.
- The agency sees Brent averaging $85.78 in 2027 and $77 in the fourth quarter.
- EIA expects global oil inventories to grow by 3.5 million barrels a day in the first half of 2027.
The U.S. Energy Information Administration raised its average Brent crude forecast for 2026 to $97.44 a barrel and for 2027 to $85.78. It was the agency’s fourth consecutive upward revision, according to Ekonomim and Bloomberg HT.
EIA expects Brent’s spot price to average about $100 a barrel for the rest of 2026. It said October’s average spot price was $124, up $10 from September, amid lower global inventories, tanker attacks in the Persian Gulf, shipping limits and higher transport costs.
Brent futures traded at $92.06 a barrel as of 08:07 UTC Wednesday, up 0.62% since the previous close. That futures quote is not directly comparable with EIA’s forecast for monthly average spot prices.
The agency expects global oil inventories to rise by an average 3.5 million barrels a day in the first half of 2027. EIA forecasts Brent falling below $90 in the second quarter and averaging $77 in the fourth quarter.
EIA also expects U.S. crude production to average 14.3 million barrels a day in 2027, up from 13 million 860 thousand this year. It said much of Middle Eastern production outside Iran could return to pre-conflict levels by the end of the second quarter next year.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
