Oil price forecasting is notoriously difficult, but the consensus among major investment banks and energy agencies provides useful guidance for businesses, consumers, and investors planning ahead. Here's what the leading forecasters expect for crude oil prices through the rest of 2026.
Current Consensus Range
Major forecasters project Brent crude averaging $60-75 per barrel through 2026, with WTI trading $3-5 below Brent. The wide range reflects genuine uncertainty about the balance between OPEC+ supply discipline, U.S. shale production growth, Chinese demand trajectory, and geopolitical risk premiums.
Bull Case: $80+
Prices could push above $80 if OPEC+ cuts deeper, geopolitical disruptions (Strait of Hormuz, Red Sea) intensify, Chinese demand recovers strongly, or U.S. shale production growth decelerates due to inventory depletion in top-tier Permian Basin locations.
Bear Case: Below $55
Prices could fall below $55 if OPEC+ discipline breaks down, global recession fears intensify, Chinese economic slowdown deepens, or U.S. production growth exceeds expectations. The combination of record U.S. output and weakening demand could overwhelm the market.