The U.S. Energy Information Administration (EIA) cut its Brent spot average crude oil price forecast for 2025 and 2026 in its latest short term energy outlook (STEO), which was released on August 12.
According to that STEO, the EIA sees the Brent spot price averaging $67.22 per barrel this year and $51.43 per barrel next year. In its previous STEO, which was released in July, the EIA projected that the Brent spot price would average $68.89 per barrel in 2025 and $58.48 per barrel in 2026.
The EIA revealed in its latest STEO that it sees the Brent spot price average coming in at $67.40 per barrel in the third quarter of this year, $58.05 per barrel in the fourth quarter, $49.97 per barrel in the first quarter of next year, $49.67 per barrel in the second quarter, $52 per barrel in the third quarter, and $54 per barrel in the fourth quarter.
In its previous July STEO, the EIA projected that the Brent spot price would average $68.02 per barrel in the third quarter of 2025, $64.02 per barrel in the fourth quarter, $60 per barrel in the first quarter of 2026, $59 per barrel in the second quarter, $58 per barrel in the third quarter, and $57 per barrel in the fourth quarter.
Both STEOs highlighted that the Brent spot price averaged $80.56 per barrel in 2024.
