The US Energy Information Administration (EIA) expects Brent crude oil prices to decline in the coming years, averaging less than $70 per barrel in 2025 and around $58 per barrel in 2026, APA reports citing oilandgasmiddleeast.com.
The forecast, published in the EIA’s July Short-Term Energy Outlook (STEO), was revised slightly upward for 2025 due to recent geopolitical unrest in the Middle East, which has created uncertainty in global oil markets.
“The oil market is experiencing uncertainty from regional conflict, demand growth, and several other factors,” said EIA Acting Administrator Steve Nalley. “Our forecast for lower oil prices comes from basic economic fundamentals that when supply grows faster than demand, prices decrease.”
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