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Commodities Buzz: EIA says Brent crude to average $58 per barrel in 2026
11-Feb-2026 10:46
The US Energy Information Administration of EIA has stated in a latest monthly update that the Brent crude oil price averaged $67 per barrel (b) in January, the highest since September 2025, as weather-related events disrupted the global crude oil supply and escalating tensions with Iran put upward pressure on prices. Despite these short-term events, we expect oil prices will decline in 2026, as global oil production exceeds global oil demand, causing oil inventories to rise. Global inventories continue increasing into 2027. EIA forecast that the Brent crude oil price will average $58 per barrel in 2026 and $53 per barrel in 2027.

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