‹ Analysis & Projections

Short-Term Energy Outlook

Release Date: December 12, 2017  |  Next Release Date: January 9, 2018  |  Full Report    |   Text Only   |   All Tables   |   All Figures

Global Liquid Fuels

  • North Sea Brent crude oil spot prices averaged $63 per barrel (b) in November, an increase of $5/b from the average in October. EIA forecasts Brent spot prices to average $57/b in 2018, up from an average of $54/b in 2017.
Global Petroleum and Other Liquids
  2015 2016 2017 2018
a Weighted by oil consumption.
b Foreign currency per U.S. dollar.
Supply & Consumption (million barrels per day)
Non-OPEC Production 58.51 58.00 58.66 60.34
OPEC Production 38.24 39.23 39.30 39.67
OPEC Crude Oil Portion 31.67 32.68 32.46 32.71
Total World Production 96.74 97.24 97.97 100.01
OECD Commercial Inventory (end-of-year) 2967 2967 2942 2985
Total OPEC surplus crude oil production capacity 1.46 1.15 2.10 1.82
OECD Consumption 46.29 46.75 47.06 47.46
Non-OECD Consumption 49.06 50.20 51.28 52.50
Total World Consumption 95.35 96.95 98.34 99.96
Primary Assumptions (percent change from prior year)
World Real Gross Domestic Producta 2.7 2.7 3.0 3.2
Real U.S. Dollar Exchange Rateb 7.6 2.0 -0.9 -2.3

Interactive Data Viewers

Provides custom data views of historical and forecast data

STEO Custom Table Builder ›
Real Prices Viewer ›


In beta testing:

STEO Data browser ›

Related Articles    
Today In Energy Daily
2017 Summer Fuels Outlook Apr-2017 PDF
Uncertainties in the Short-Term Global Petroleum and Other Liquids Supply Forecast Feb-2014 PDF
Key drivers for EIA's short-term U.S. crude oil production outlook Feb-2013 PDF
Brent Crude Oil Spot Price Forecast Jul-2012 PDF
Probabilities of Possible Future Prices Apr-2010 PDF
Energy Price Volatility and Forecast Uncertainty Oct-2009 PDF