EIA Revises Oil Price Forecast Upward
The U.S. Energy Information Administration has revised upward its forecasts for oil prices for the current and upcoming years, due to declining global inventories and ongoing tightness in diesel supplies caused by the ongoing war with Iran. The average Brent crude price is expected to reach around $98 per barrel in 2026, an 8% increase from previous estimates, and is projected to rise to approximately $105 in the fourth quarter, as diesel prices in America continue to climb before expected to drop to $4.50 per gallon in 2027, following a recovery in production and increased flows from the Middle East. Improved Strait of Hormuz transit conditions and replenishment of inventories are expected to gradually reduce prices in the future.
Notice: This Is an AI-Generated Summary
Comments (0)