US Energy Information Administration revises oil price forecasts upward
The EIA raised its oil price expectations for this year and next year due to supply disruptions in the Middle East.
The US Energy Information Administration has revised its oil price forecasts for this year and 2027 upward due to supply disruptions originating from the Middle East.
Increase in Brent and WTI Prices
The average barrel price of Brent crude oil, taken as a reference in international markets, climbed to $91 in August.
While there was a $7 increase compared to the previous month, export restrictions in the Middle East played a decisive role in this rise.
Year-End and 2027 Forecasts
According to the EIA report, the average barrel price of Brent crude is projected to be $91.01 this year.
West Texas Intermediate (WTI) crude oil is calculated to be at the level of $84.65.
Next Year's Expectations and Downward Trend
Despite the upward revisions, the agency anticipates that the downward trend in prices will continue for 2027.
With the end of production cuts, the barrel price of Brent crude is expected to decline to $67 in the second half of the year.
Global and US Production Figures
Global oil production is estimated to average 100 million 620 thousand barrels per day this year.
Daily crude oil production in the US is expected to be at the level of 13 million 830 thousand barrels this year.