Energy Preview: EIA says Brent crude to average $51 per barrel next year

The Energy Information Administration or EIA expects global oil inventory builds will average more than 2 million barrels per day (b/d) in 4Q25 and 1Q26, which is 0.8 million b/d more than in last month?s STEO update. Low oil prices in early 2026 will lead to a reduction in supply by both OPEC+ and some non-OPEC producers, which will help moderate inventory builds later in 2026. EIA forecasts the Brent crude oil price will average $51/b next year, down from forecast of $58/b in last month?s STEO.

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