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For 2026, the EIA predicts production will rise by 1.37 million barrels per day, which is an increase of 120,000 barrels per day from the previous report, bringing the total to 107.65 million barrels per day. In 2027, the increase is expected to be smaller, at 0.5 million barrels per day, reaching 108.18 million barrels per day.
The EIA says that the rise in liquid hydrocarbon supply this year will mainly come from OPEC+ countries, and in 2027, the growth will be driven by non-OPEC countries, especially in South America.
The report also suggests that the trend of building up oil stocks will continue because the amount of oil being produced is growing faster than the amount being used. However, this trend will be less strong in 2027 due to slower production growth and higher demand growth. The report adds that global oil inventory is expected to grow by an average of 2.8 million barrels per day in 2026, similar to the growth seen in 2025, but will slow down to an average of 2.1 million barrels per day in 2027.
According to EIA estimates, the biggest increases in non-OPEC+ production in 2026 will come from Brazil, Guyana, and Argentina, which together are expected to add 0.6 million barrels per day. In 2027, these countries are projected to add 0.4 million barrels per day. The EIA estimates that OPEC+ crude oil production will go up by 1.1 million barrels per day this year, while Venezuelan oil production is expected to decrease. In 2027, U.S. oil production is forecast to drop by 0.2 million barrels per day due to low oil prices.
source: cnn.com
The EIA says that the rise in liquid hydrocarbon supply this year will mainly come from OPEC+ countries, and in 2027, the growth will be driven by non-OPEC countries, especially in South America.
The report also suggests that the trend of building up oil stocks will continue because the amount of oil being produced is growing faster than the amount being used. However, this trend will be less strong in 2027 due to slower production growth and higher demand growth. The report adds that global oil inventory is expected to grow by an average of 2.8 million barrels per day in 2026, similar to the growth seen in 2025, but will slow down to an average of 2.1 million barrels per day in 2027.
According to EIA estimates, the biggest increases in non-OPEC+ production in 2026 will come from Brazil, Guyana, and Argentina, which together are expected to add 0.6 million barrels per day. In 2027, these countries are projected to add 0.4 million barrels per day. The EIA estimates that OPEC+ crude oil production will go up by 1.1 million barrels per day this year, while Venezuelan oil production is expected to decrease. In 2027, U.S. oil production is forecast to drop by 0.2 million barrels per day due to low oil prices.
source: cnn.com
