Brent oil forecast from the US: Expectation of a decline to 77 dollars in 2027

The US Energy Information Administration (EIA) shared its new forecasts covering 2026 and 2027 regarding Brent oil prices in its published short-term energy outlook report.

According to EIA data, Brent oil is expected to average 97 dollars throughout 2026 and 86 dollars in 2027. While the agency projects a price of 100 dollars for November and December, this expectation is based on the assessment that oil shipments in the Middle East will not return to normal in the short term.

With the strengthening of supply, it is estimated that prices will fall below 90 dollars in the second quarter of 2027 and average 77 dollars in the last quarter of the year. The expectation, which the agency announced as 74 dollars for the last quarter of 2027 in its previous report, has been revised to 77 dollars in the current report.

The EIA projects that most Middle Eastern oil production, excluding Iran, will approach pre-war levels by the end of the first half of 2027. Meanwhile, US commercial crude oil inventories fell to 410 million barrels at the end of October, reaching the lowest October level since 2014.