EIA Lowers Oil Price Forecasts for 2023

On May 13, the EIA’s Short-Term Energy Outlook report projected the WTI crude oil price for 2026 to be $85.68 per barrel, down from the previous expectation of $87.41 per barrel. The forecast for the WTI crude oil price in 2027 is $74.39 per barrel, revised from an earlier expectation of $72.43 per barrel. The expected price for Brent crude in 2026 is $94.85 per barrel, down from the prior forecast of $96.00 per barrel. For 2027, the Brent price is expected to be $79.39 per barrel, revised from $76.09 per barrel.

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