US Department of Energy raises its Brent crude oil price forecast to $55.87

The US Department of Energy has raised its forecast for the average price of Brent crude oil in 2026 by 1.43%, to $55.87 per barrel from $55.08 per barrel, Report informs referring to the Energy Information Administration (EIA).

According to the agency's forecast, the price of Brent crude oil will average $54.02 per barrel in 2027.

The department expects oil prices to decline in 2026 as global oil production exceeds global demand, leading to an increase in inventories. Global inventories will continue to grow in 2027, albeit at a slower pace, the DEE added.

Furthermore, the department raised its forecast for domestic oil production in 2026 to 13.59 million bpd, and expects production to reach 13.25 million bpd in 2027. The forecast for oil production in 2026 has been increased by 60,000 bpd compared to the previous estimate.