{"id":194854,"date":"2026-07-07T19:38:18","date_gmt":"2026-07-07T19:38:18","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/194854\/"},"modified":"2026-07-07T19:38:18","modified_gmt":"2026-07-07T19:38:18","slug":"eia-boosts-oil-production-forecast-after-strait-of-hormuz-reopening","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/194854\/","title":{"rendered":"EIA boosts oil production forecast after Strait of Hormuz reopening"},"content":{"rendered":"<p>    <a href=\"https:\/\/worldoil.com\/media\/utqfbzfy\/strait-of-hormuz-map.jpg\" class=\"image-link\" rel=\"nofollow noopener\" target=\"_blank\">&#13;<br \/>\n        <img decoding=\"async\" class=\"img-responsive\" style=\"max-width:300px\" src=\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/04\/strait-of-hormuz-map.jpg\" alt=\"\"\/>&#13;<br \/>\n    <\/a><\/p>\n<p>Map of the Strait of Hormuz. Source: Global Energy Infrastructure.<\/p>\n<p>(WO) \u2014 The U.S. Energy Information Administration (EIA) has raised its global oil production forecast in its July Short-Term Energy Outlook (STEO), citing the recovery of shipping through the Strait of Hormuz following the June 18 agreement between the United States and Iran to reopen the strategic waterway.<\/p>\n<p>EIA now expects global crude oil production and trade flows to return to near pre-conflict levels by the end of 2026, with most previously shut-in production restored during the first quarter of 2027. The agency said rising global supply is expected to put downward pressure on crude oil and gasoline prices.<\/p>\n<p>The agency forecasts Brent crude to average $74\/bbl in the third quarter of 2026, down sharply from last month&#8217;s outlook, before declining to an average of $65\/bbl in 2027 as global inventories build.<\/p>\n<p>EIA also expects U.S. crude oil production to continue growing, averaging 13.8 MMbpd in 2026 and 14.0 MMbpd in 2027, compared with **13.6 MMbpd in 2025.<\/p>\n<p>On the natural gas side, record U.S. production is expected to support growing demand while keeping prices relatively moderate. Henry Hub spot prices are forecast to average $3.67\/MMBtu in 2026 before easing to $3.49\/MMBtu in 2027, while U.S. LNG exports are projected to increase from 15 Bcfd in 2025 to 19 Bcfd by 2027.<\/p>\n<p>Lower crude prices are also expected to reduce U.S. retail gasoline prices, with EIA forecasting average pump prices of approximately $3.60\/gal during the second half of 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"&#13; &#13; Map of the Strait of Hormuz. Source: Global Energy Infrastructure. (WO) \u2014 The U.S. Energy Information&hellip;\n","protected":false},"author":2,"featured_media":194855,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[28],"tags":[1872,57878,5561,19359,1611,57876,405,14919,102,57875,4778,1419,261,22282,57874,101,57877,52295],"class_list":["post-194854","post","type-post","status-publish","format-standard","has-post-thumbnail","category-strait-of-hormuz","tag-brent-crude","tag-crude-oil-forecast","tag-eia","tag-energy-information-administration","tag-gasoline-prices","tag-global-oil-production","tag-global-oil-supply","tag-henry-hub","tag-hormuz","tag-july-steo","tag-lng-exports","tag-natural-gas","tag-oil-prices","tag-short-term-energy-outlook","tag-steo","tag-strait-of-hormuz","tag-u-s-crude-oil-production","tag-world-oil"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116880389298124196","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/194854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=194854"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/194854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/194855"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=194854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=194854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=194854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}