EIA raises oil price forecasts again
The U.S. Energy Information Administration (EIA) raised its oil price forecasts for the fourth consecutive time in its November 2026 Short-Term Energy Outlook report.
The agency increased its average Brent crude price forecast for 2026 from $96.32 to $97.44 per barrel, while its West Texas Intermediate (WTI) crude forecast was revised upward from $88.21 to $88.29. For 2027, the EIA raised its Brent crude forecast from $83.74 to $85.78 and its WTI forecast from $79.74 to $80.54 per barrel. The report highlighted the impact of declining global oil inventories and ongoing conflicts in the Middle East on prices.
Brent crude averaged $124 per barrel in October, reaching its highest inflation-adjusted level since July 2022. The EIA expects oil prices to decline in 2027 as global supply recovers. Brent crude is projected to fall to an average of $77 per barrel in the final quarter of 2027, while U.S. crude oil production is forecast to reach a record 14.3 million barrels per day that year.
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