According to Reuters, by the end of 2026, the average price of Brent crude oil could drop to $56 per barrel, while WTI could fall to $52, reports Lenta.ru.
Currently, the market values Brent oil at $63 per barrel and WTI at $60. However, experts predict a supply surplus of two million barrels per day, which will put pressure on prices.
Bank analysts note that in 2025-2026, there will be a significant increase in supply due to long-term projects that were postponed because of the COVID-19 pandemic but are now beginning to ramp up production. Additionally, OPEC countries have started to reduce their production restriction measures, which will also increase supply in the market.
According to Goldman Sachs forecasts, price increases can be expected no earlier than 2027, when by the end of 2028, Brent could reach $80 per barrel and WTI $76.
Analysts also pointed out a wide range of possible prices in the coming years. If non-OPEC countries maintain stable supplies, Brent could drop to $40 per barrel. At the same time, if the West manages to halt supplies from Russia, the price could rise to $70.
Earlier, Argus Media reported that the price of Urals oil had fallen to $36.61 per barrel, the lowest level since March 2023 amid sanctions imposed by the U.S.
