Baku: The US Energy Information Administration (EIA) expects Brent crude oil prices to decline in the coming years, averaging less than $70 per barrel in 2025 and around $58 per barrel in 2026, APA reports citing oilandgasmiddleeast.com.

According to Azeri-Press News Agency, the forecast, published in the EIA’s July Short-Term Energy Outlook (STEO), was revised slightly upward for 2025 due to recent geopolitical unrest in the Middle East, which has created uncertainty in global oil markets.

EIA Acting Administrator Steve Nalley stated, ‘The oil market is experiencing uncertainty from regional conflict, demand growth, and several other factors.’ He further explained that their forecast for lower oil prices stems from basic economic fundamentals, as prices decrease when supply grows faster than demand.