BAKU, Azerbaijan, March 12. The U.S. Energy Information Administration (EIA) expects Brent crude oil prices to recover in the coming months after falling in early 2025, Trend reports.
In its latest forecast, the agency noted that the Brent spot price averaged $75 per barrel in February, down $4 from January and $8 lower than a year ago. The decline was largely driven by concerns over economic growth and potential trade tariffs.
Despite the drop, the EIA projects prices will rise back into the mid-$70 range in the coming months, with Brent averaging $74 per barrel for the year. The agency also revised its third-quarter forecast upward to $75 per barrel, reflecting tighter market balances. However, it expects rising global oil supply to outpace demand by year-end, leading to inventory accumulation and downward pressure on prices.
Looking further ahead, the EIA forecasts Brent will average $68 per barrel in 2026, ending the year at $66. This projection is slightly higher than previous estimates due to expectations of lower crude production from OPEC, particularly from Iran and Venezuela.