The US Energy Information Administration (EIA) has increased its forecast for the average price of Brent crude oil in 2026 by 1.43% to $55.87 per barrel from $55.08.
Elchi.az reports with reference to the institution’s report that the price of Brent crude oil in 2027 will average $54.02/barrel.
The Ministry expects oil prices to fall in 2026 due to global oil production exceeding global demand and the resulting increase in reserves. It was emphasized that global reserves will continue to grow in 2027, although at a slower rate.
In addition, the agency raised its forecast for oil production in the country in 2026 to 13.59 million barrels per day, and expects production to reach 13.25 million barrels per day in 2027.