At the same time, the EIA increased average price targets for the two primary benchmarks. The 2026 forecast for Brent crude was raised to $96.32 per barrel from $91.01, while West Texas Intermediate was lifted to $88.21 from $84.65. Estimates for 2027 were also adjusted upward, with Brent and WTI now expected to average $83.74 and $79.74 per barrel, respectively.
Wednesday, October 21, 2026
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EIA Cuts 2026 World Oil Demand to 102.4 Million BPD Despite Price Hikes
Commodities14 days ago
U.S. government analysts have dialed back their consumption forecasts for the global crude market in the latest Short-Term Energy Outlook. The Energy Information Administration now projects world oil demand at 102.4 million barrels per day for 2026, down from a previous estimate of 102.6 million BPD, and at 104.6 million BPD for 2027, compared to a prior forecast of 105 million.
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