Wood Mackenzie: global upstream oil and gas free cash flow could reach $495 billion in 2026

Energy research firm Wood Mackenzie said in a new estimate published on Thursday, 30 July 2026 (8 Mordad 1405), that the global upstream oil and gas sector could generate about $495 billion in free cash flow in 2026, provided crude averages $90 a barrel over the year.

That figure is more than double the firm's previous forecast, which was based on a $60 per barrel price assumption. According to OilPrice, the revision follows the sharp jump in crude prices triggered by the West Asia conflict, turning what had been expected to be another year of disciplined cash generation into one of the industry's most lucrative in recent years.

The same report notes that the gains will be concentrated among the world's largest companies. For Iranian market participants, the estimate matters because it shows how far the price shock driven by regional tensions has fed through to the revenues of global oil producers.