According to the US government report, when is global crude oil production and flows expected to return to pre-war levels?

Global crude oil production and flows are expected to bounce back toward their pre-war levels by the end of this year, with a majority of shut-in production from the war coming back online by the first quarter of 2027, as stated in the Energy Information Administration's monthly report.

How have Brent crude price forecasts changed for 2026 and 2027 compared to prior predictions?

Brent crude prices are now expected to average $74 a barrel in the third quarter of 2026 and $65 a barrel in 2027—down from the prior prediction of $79 a barrel for next year—reflecting expectations of a near-term glut as previously trapped barrels from the Persian Gulf reach global buyers.

US Sees Global Oil Output, Flows Back at Pre-War Level By 2027

Jul 7, 2026

A US Energy Information Administration report projects global crude oil production will return to pre-war levels by early 2027, with Brent prices forecasted between $65 and $74 per barrel. This timeline represents an accelerated recovery compared to previous estimates.

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