RAS: Oil Price in 2026 to Reach $60-70 per Barrel

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Analysts from the Russian Academy of Sciences (RAS) have presented a forecast for oil prices in 2026, predicting that the average price of a barrel of Brent crude will be in the range of $60-70. This is due to an increase in production volumes resulting from the revision of OPEC+ agreements.

The report notes that excess supply in the market could reach 4 million barrels per day, which is twice the level of 2025. In the event of a scenario where the US economy faces a recession, the price of oil could temporarily drop to $40 per barrel.

The average annual price of Brent crude in 2025 is forecasted to be $68-70, which is lower compared to $81 in 2024.

Additionally, analysts expect that global demand for natural gas will increase by 38 billion cubic meters in 2025, which is significantly less than the previous year. In 2026, gas demand is expected to rise, primarily driven by countries in the Asia-Pacific region and Eurasia, with new consumers potentially being data centers, especially in the US.