According to a U.S. Energy Information Administration (EIA) report dated November 10, 2026, the average price of Brent crude in 2027 will be $85.78 per barrel. This is higher than the agency's previous estimates.
Quarterly price dynamics and reasons for changes
Compared to the October forecast, the estimate was raised by 2.4%—from $83.74 per barrel. At the same time, the expected price for 2027 will be 12% lower than the 2026 annual average, which the EIA forecasts will be $97.44. Through the end of 2026, the Brent spot price may remain near $100 per barrel.
2027 Brent price forecast by quarter
Analysts attribute the change in forecasts to an expected recovery in production in the Middle East (excluding Iran) by mid-2027. The replenishment of global oil inventories over the next year will contribute to a gradual decline in resource costs, particularly in the second half of 2027.
Context
In October, global oil prices showed growth for three consecutive months. This was driven by declining inventories, attacks on tankers in the Persian Gulf, a shortage of available vessels, and rising shipping costs, which limited market supply.
