U.S. EIA Raises 2026–27 Brent and WTI Crude Oil Price Forecasts

SEATTLE (Oil Monster): The U.S. Energy Information Administration (EIA) has increased its crude oil price projections for the fourth consecutive month, primarily on account of tightening global supplies, geopolitical tensions and disruptions to international shipping routes.

In its November 2026 Short-Term Energy Outlook (STEO), the agency estimated that Brent crude averaged $124 per barrel in October, marking a $10 month-on-month increase. Also, this is the highest inflation-adjusted level since July 2022.

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The EIA now expects Brent prices to average $97.44 per barrel in 2026, compared with its previous estimate of $96.32. In the meantime, EIA marginally raised its West Texas Intermediate (WTI) forecast to $88.29. For 2027, it projects increased Brent and WTI prices, at $85.78 and $80.54, respectively.

Despite near-term supply pressures, the agency anticipates a recovery in production and a rebuilding of inventory next year. Global crude and liquid fuel output is projected to rise by 6.7 million barrels per day (bpd) in 2027, following a 4.6 million bpd contraction in 2026.

Global oil inventories, which declined by an estimated 1.2 million bpd during the third quarter, could expand by 3.5 million bpd in the first half of 2027. Consequently, Brent prices are expected to fall below $90 during the second quarter and reach approximately $77 by year-end.

U.S. crude production is forecast to reach a record 14.3 million bpd in 2027, EIA STEO said.