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Fitch Agency forecasted that Brent prices will decrease to $70 per barrel in 2027, following the recovery of flows through Saudi Arabia’s East-West pipeline, which the kingdom has gradually restarted after it was halted for over a week. This resurgence increases the likelihood of higher oil exports from the Red Sea region. The report indicated that heightened geopolitical risks and uncertainty regarding the resolution of conflicts could drive Brent prices to an average of $85 in 2027 if tensions persist, but prices could drop to $55 if a rapid settlement of events is achieved. Additionally, the gradual restoration of the pipeline is likely to boost Saudi exports by around 4 million barrels per day, pressuring oil prices. The forecast also suggests that non-Middle East oil supplies will exceed 2.5 million barrels per day in 2026 and 2027, which could lead to a market surplus.
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