BAKU, Azerbaijan, May 6. Brent crude oil prices are expected to decline through the rest of 2025 and into 2026 as global demand growth slows and oil inventories begin to build, according to the latest outlook from the U.S. Energy Information Administration (EIA), Trend reports.
The EIA reports that Brent averaged $68 per barrel in April - down $5 from March - marking the third consecutive monthly decline. The drop is largely attributed to softer expectations for global oil demand, following new tariffs introduced by the U.S. and its major trading partners.
OPEC+ members have also reaffirmed and accelerated their planned production increases, adding further pressure on prices by raising the likelihood of oversupply.
As a result, the EIA now expects Brent to average $66 per barrel in 2025 and $59 in 2026 - $8 lower than forecasts made in January. Global oil inventories are projected to rise by an average of 0.4 million barrels per day this year, accelerating to 0.8 million barrels per day in 2026.
Given these trends, the EIA forecasts Brent will fall from an average of $76 in the first quarter of 2025 to $61 by year-end, continuing a gradual downward path into next year.
