US raises 2026 oil output forecast

The US Department of Energy has raised its forecast for the country's oil production in 2026 by 60,000 barrels per day to 13.78 million barrels per day, Report informs, citing the monthly outlook of the Energy Information Administration (EIA).

At the same time, the forecast for next year was lowered by 120,000 barrels per day, from 14.15 million barrels per day to 14.03 million barrels per day.

The EIA estimated US oil production at 13.59 million barrels per day at the end of 2025, a new record in the country's history.

The Department of Energy also sharply cut its average Brent crude price forecast for this year by 14%, from $95.39 to $81.91 per barrel. It expects Brent to average $64.76 per barrel in 2027, citing the continued build-up of global oil inventories.