EIA Short-Term Energy Outlook Report: Expects Middle East Supply Disruptions to Persist Until End of 2026

Odaily reported that the EIA Short-Term Energy Outlook Report indicates that Middle East supply disruptions are expected to persist until the end of 2026. The reduction in Middle East oil production due to the closure of the Strait of Hormuz is projected to increase to 9.1 million barrels per day in April. The price difference between Brent crude and WTI crude is expected to peak at $15 per barrel in April, coinciding with the maximum disruption to Middle East crude oil supply. U.S. retail gasoline prices are forecasted to average their highest levels since 2022 in 2026. Global oil demand for 2026 is projected at 104.6 million barrels per day, lower than the previous forecast of 105.2 million barrels per day. Demand for 2027 is estimated at 106.2 million barrels per day, down from the earlier projection of 106.6 million barrels per day. (Jin10)