US crude production is projected to hit a record 13.9 million barrels per day in 2026, according to the Energy Information Administration. The agency also expects prices to decline toward the end of next year as Middle East supply returns and inventories rebuild.
US crude output is projected to reach 13.9 million barrels per day in 2026, the fourth consecutive year of record production, the Energy Information Administration said Tuesday.
That figure is up from 13.7 million bpd in 2025. The EIA forecasts production will climb further, to 14.3 million bpd in 2027.
Brent forecast to ease in 2027
The agency projects that Brent crude will average $97 per barrel in 2026 before declining to $86 in 2027.
Prices rose for three consecutive months through October, the EIA reported. It cited falling global inventories, attacks on oil tankers in the Persian Gulf, limited shipping capacity and higher transportation costs that tightened supply.
Looking ahead, the agency expects oil prices to decline further toward the end of next year. It expects most non-Iran Middle East production to return to pre-war levels and depleted inventories to be replenished.
US crude inventories hit lowest end-October level in 12 years
A wide price gap between Brent futures and West Texas Intermediate helped boost US exports. Combined with strong refinery crude runs, this pushed domestic stocks to 410 million barrels by the end of October, the lowest level for that time of year in 12 years.
Rising crude output and a narrowing Brent-WTI spread should lead inventories to increase gradually, the EIA expects.
The EIA also raised its diesel forecast to $5.03 per gallon for 2027, from a previous $4.49. It forecasts gasoline at $3.73 per gallon, up from $3.56.
Source: Investing.com
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