Brent crude oil to average below $65 per barrel in 2026, analysts expect

TASS :

The average price of Brent crude oil in 2026 will reach $61-65 per barrel, according to experts surveyed by TASS.

Kirill Bakhtin, head of the Russian equities analytics center at BCS World of Investments, said the company’s forecast for the average Brent price in 2026 is $63 per barrel.

“We expect production to decline from current levels among high-cost producers, while a number of consumers have the capacity to replenish both commercial and strategic reserves. In addition, supply-side risks have been appearing fairly regularly in recent times,” he noted.

At the same time, senior analyst at Euler Andrey Polischuk expects the average Brent price in 2026 to reach $61.7 per barrel. “We anticipate a decline compared with the average price in 2025 amid rising supply in the global oil market, including increased output from OPEC,” he added.

Mark Shumilov, resource sectors analyst at Renaissance Capital, added that if geopolitical conditions remain unchanged, the market could face a significant surplus in 2026 should OPEC+ continue production within or above current quotas.

“This could become the main factor restraining prices on the global market: in our estimates, we assume that the average Brent price will be $65 per barrel in 2026, while within the year prices may fall below the $60-per-barrel level,” he said.

Finam Financial Group analyst Nikolay Dudchenko believes the average oil price will reach $63-65 per barrel. “We believe that the average price of Brent crude in 2026 will trend lower and settle in the $63-65 per barrel range. Market concerns about a surplus will continue to weigh on prices,” he said, adding that geopolitical developments could provide some support.