EIA STEO: 2026 World Oil Demand 102.9mln bpd (prev. 104.2mln bpd), 2027 105.3mln bpd (prev. 105.6mln bpd)

U.S. Oil Production 2026: 13.72mln bpd (prev. 13.65mln bpd) 2027: 14.15mln bpd (prev. 14.1mln bpd) June: 13.83mln bpd (May 13.71mln bpd) July: 13.82mln bpd U.S. Oil Demand 2026: 20.7mln bpd (prev. 20.7mln bpd) 2027: 20.7mln bpd (prev. 20.7mln bpd) U.S. Natural Gas Production 2026: 111 bcf/d (prev. 110.6 bcf/d) 2027: 113.6 bcf/d (prev. 115 bcf/d) June: 122.3 bcf/d (May 122.1 bcf/d) July: 122.5 bcf/d U.S. Natural Gas Demand 2026: 92.1 bcf/d (prev. 91.2 bcf/d) 2027: 95 bcf/d (prev. 94.4 bcf/d) World Oil Production 2026: 99mln bpd (prev. 101.6mln bpd) 2027: 109.3mln bpd (prev. 109.5mln bpd) WTI Crude Price Forecast 2026: USD 88.32/bbl (prev. USD 85.68/bbl) 2027: USD 74.39/bbl (prev. USD 74.39/bbl) Brent Crude Price Forecast 2026: USD 95.39/bbl (prev. USD 94.85/bbl) 2027: USD 79.39/bbl (prev. USD 79.39/bbl) Commentary Does not expect Strait of Hormuz traffic to ramp up to pre-Iran war level until early 2027. Assumes oil shipments through Strait of Hormuz resume in Q3 2026.  Expects some middle east output to remain disrupted beyond STEO forecast that runs through end-2027.