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

Axar.az reports that the average price of Brent crude oil in 2027 will be $54.02/barrel.

The ministry expects oil prices to fall in 2026 as global oil production exceeds global demand and, as a result, reserves increase. It was emphasized that global reserves will continue to increase, albeit more slowly, in 2027.

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.