The Trump administration has lowered its Brent crude price forecasts for this year and next by more than $10, and raised its projection for U.S. oil production this year.

Expected US oil production in 2026 is 13.8 million barrels per day (previously expected 13.7 million barrels per day), and in 2027 production is expected to reach 14 million barrels per day (previously expected 14.2 million barrels per day). Expected US liquefied natural gas (LNG) exports in 2026 are 17.4 billion cubic feet per day (previously expected 17.2 billion cubic feet per day), and in 2027 exports are expected to reach 18.6 billion cubic feet per day (previously expected 18.6 billion cubic feet per day).