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EIA Short-Term Energy Outlook Report: Middle East Supply Disruptions Expected to Continue Through the End of 2026
ME News, April 8 (UTC+8). The EIA Short-Term Energy Outlook report states that the disruption of Middle Eastern supply is expected to continue through the end of 2026. The oil production 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 price spread between Brent crude oil and WTI will peak at $15 per barrel in April; by then, the disruption to Middle Eastern crude oil supply will reach its maximum. It is forecast that the average U.S. retail gasoline price in 2026 will hit a new high since 2022. Global oil demand is forecast to be 104.6 million barrels per day in 2026, 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, down from the earlier forecast of 106.6 million barrels per day. (Jin10) (Source: ODAILY)