Expectations of Oil Production Returning to Pre-War Levels by the End of 2023

It is expected that global crude oil production will return to pre-war levels by the end of 2026, according to a report by the U.S. Energy Information Administration. Most of the production halted due to the war is anticipated to resume by the first quarter of 2027, with Brent crude oil price forecasts adjusted to an average of $74 per barrel in the third quarter of 2026 and $65 in 2027. Energy markets are still dealing with the largest disruption in supply ever, as some ships continue to be targeted and attacked while passing through the Strait of Hormuz.

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