For reference, the average oil price in 2025 was $69.0.
At the beginning of January 2026, the price of Brent crude oil reached $67, the highest level since September 2025. The increase in prices was due to weather conditions that caused disruptions in oil supplies, as well as escalating tensions in relations with Iran.
“Despite these short-term factors, we forecast a decline in oil prices in 2026, as global production will exceed demand, leading to an increase in inventories. We expect inventories to continue to grow in 2027. The average price of Brent crude oil in 2026 will be $58 per barrel, and in 2027 it will be $53,” the agency's statement noted.
