World Bank's Global Oil Price Projections for 2026

Adi Ahdiat 06/01/2026 17:46 WIB

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According to the World Bank, world oil prices are projected to fall in 2026, due to weak demand and increasing supply globally.

Average Annual Brent Crude Oil Price (2010-2026)*

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Average Annual Brent Crude Oil Price (2010-2026)*

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Global oil prices could fall this year, in line with increasing supply on a global scale.

According to World Bank projections, the average price of Brent crude oil for 2026 will reach US$60 per barrel, 12% lower than the average price in 2025.

"Prices are forecast to fall further in 2026, as oil consumption growth continues to moderate and oil supply continues to rise," the World Bank stated in its October 2025 Commodity Markets Outlook.

"These forecasts assume no major escalation in armed conflicts, weak demand growth relative to the 2015-19 average, a well-supplied oil market and stable OPEC+ production," they added.

However, the World Bank noted that there are several conditions that could trigger an increase in global oil prices, especially geopolitical conflicts.

"The oil market remains sensitive to geopolitical developments. An escalation of conflict in the Middle East or Ukraine, for example, could have significant energy market implications," the World Bank stated.

"Attacks on oil infrastructure, or the disruption of oil exports could each have lasting effects on oil prices. Furthermore, the market impact of additional sanctions, such as the recently announced U.S. sanctions on Russian oil companies, could raise oil prices above the baseline forecast," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."