EIA Projects Higher Oil Prices for 2026 and 2027

The U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report on April 8, projecting increased oil prices for the coming years. According to Jin10, the EIA forecasts the price of West Texas Intermediate (WTI) crude oil to reach $87.41 per barrel in 2026, up from a previous expectation of $73.61 per barrel. For 2027, the EIA anticipates WTI prices to be $72.43 per barrel, compared to an earlier forecast of $60.81 per barrel. Similarly, the EIA has adjusted its projections for Brent crude oil prices. The report estimates Brent prices at $96.00 per barrel in 2026, a significant increase from the prior forecast of $78.84 per barrel. For 2027, Brent is expected to be priced at $76.09 per barrel, up from the previous estimate of $64.47 per barrel. These revised forecasts reflect the EIA's updated analysis of market conditions and factors influencing global oil prices. The adjustments suggest a more optimistic outlook for oil prices in the next few years, driven by various economic and geopolitical factors.