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EIA Short-Term Energy Outlook Report: Middle East Supply Disruptions Expected to Continue Through the End of 2026
ME News message. On April 8 (UTC+8), the EIA Short-Term Energy Outlook report said that the disruption to Middle Eastern supplies is expected to continue until the end of 2026. The oil output cuts in the Middle East caused by the closure of the Strait of Hormuz are expected to rise to 9.1 million barrels per day in April. It is expected that the spread between Brent crude and WTI crude will reach a peak of $15 per barrel in April. At that time, the disruption to Middle Eastern crude oil supply will be at its maximum. The report forecasts that the average U.S. retail gasoline price in 2026 will hit a new high since 2022. Global oil demand in 2026 is projected to be 104.6 million barrels per day, down from the previous forecast of 105.2 million barrels per day. Demand in 2027 is expected to be 106.2 million barrels per day, previously forecast at 106.6 million barrels per day. (Jin10) (Source: ODAILY)