EIA: Brent crude oil price expected to average around $106 per barrel in May-June
2026-05-12 16:13
Odaily EIA released its Short-Term Energy Outlook report, which noted that Brent crude oil spot prices surged in April due to the effective closure of the Strait of Hormuz tightening global oil supply, reaching a high of $138 per barrel on April 7, with a monthly average of $117 per barrel.
Global oil inventories are expected to decline by an average of 8.5 million barrels per day in the second quarter of 2026, keeping Brent oil prices around $106 per barrel in May and June. As Middle East oil production increases, we expect crude oil prices to decline, averaging $89 per barrel in the fourth quarter of 2026 and falling to $79 per barrel in 2027. (Jin10)
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