Washington: The US Department of Energy has revised its forecast for global oil prices, predicting a gradual decrease over the next few years. The updated forecast suggests that the average price of Brent benchmark oil in 2025 will rise slightly from the previous estimate of $73.58 to $74.31, while WTI crude oil is expected to see a modest increase from $69.12 to $70.31.
According to Azeri-Press News Agency, the Energy Information Administration (EIA) within the US Department of Energy has also released its forecast for 2026, indicating a downward trend in oil prices. The average price of a barrel of Brent is projected to decline to $66.46, and WTI is expected to drop to $62.46. This forecast reflects a notable decrease from the prices recorded in 2024, which stood at $80.56 for Brent and $76.6 for WTI, based on previous estimates.
The revised forecasts highlight the anticipated changes in the global oil market dynamics over the coming years, with potential implications for energy policies and economic strategies worldwide.