Washington: The U.S. Department of Energy has adjusted its forecasts for future oil prices, projecting a decline in the average price of Brent crude oil to $51.43 per barrel in 2026. This marks a decrease from the previous forecast of $58.48. Similarly, the price for West Texas Intermediate (WTI) crude is expected to fall to $47.77 per barrel, down from an earlier estimate of $54.82.

According to Azeri-Press News Agency, the Energy Information Administration (EIA), a division of the U.S. Department of Energy, has also revised its estimates for 2025. The forecasted price for Brent crude oil is now set at $67.22, a slight decrease from the earlier prediction of $68.89. For WTI, the agency anticipates a price of $63.58, compared to the previous forecast of $65.22.

In 2024, Brent and WTI crude oil prices were recorded at $80.56 and $76.6 per barrel, respectively. The revised projections indicate a significant anticipated drop in prices over the next couple of years.