US Raises 2027 Oil Output Forecast After Prices Soar on Iran War

The US raised its forecast for domestic oil production next year after the recent surge in prices due to supply disruptions from key Middle East countries.

US crude output is now expected to grow by 220,000 barrels a day in 2027 to 13.83 million barrels a day, according to the Energy Information Administration’s Short-Term Energy Outlook released Tuesday.