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US Oil Set to Hit Record
The U.S. Energy Information Administration expects U.S. crude oil production to reach a record for the fourth consecutive year by the end of 2026, averaging 13.9 million barrels per day, up from 13.7 million in 2025. It is projected to rise to 14.3 million barrels per day in 2027. The agency estimates that Brent crude will average $97 per barrel in 2026 before falling to $86 in 2027. It noted that prices rose in October for the third consecutive month, driven by declining inventories, supply disruptions, and higher transportation costs. It also raised its 2027 forecasts for diesel and gasoline prices to $5.03 and $3.73 per gallon, respectively.
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