Oil price forecasts are included each month in our publications Consensus Forecasts – G7 and Western Europe (page 27), Asia Pacific Consensus Forecasts (page 30), Latin American Consensus Forecasts (page 29) and Eastern Europe Consensus Forecasts (page 25).
Extensive coverage of oil prices (Brent and WTI) is presented in our Energy and Metals Consensus Forecasts publication. It features:
- Individual panellist and consensus oil price forecasts for the next eight quarters, in addition to annual average price forecasts for the 2, 3, and 4 year horizons.
- Long-term (5-10 year) individual panellist and consensus price forecasts in nominal and real (inflation adjusted) terms.
- Forecasts and analysis for more than 30 other individual commodities, including RBOB gasoline, coal, aluminium, copper, lithium, iron ore, gold and many more.
The table and text (below) is an example of the monthly survey results for Brent Oil Price Forecasts taken from our December 2025 regional publications. Each month we ask our panellists for their forecasts for the Brent price in 3 and 12 months from the survey date and display the average (mean), along with the high and low forecasts, standard deviation and number of forecasters.
Global Oil Surplus Narrows
Brent prices remain subdued due to production increments this year, hovering around US$64 per barrel. However, support is provided by diminishing oversupply, geopolitical tensions and a weaker dollar in anticipation of Federal Reserve rate cuts. Enhanced demand is driven by Chinese deliveries as it builds up record-high stockpiles, along with easing trade uncertainty which led to a rebound in Q3 demand and increase in the IEA’s 2026 demand forecast to 860,000 barrels. Meanwhile, supply moderated as the OPEC+ countries accounted for 80% of a reduction in oil production in October and November, due to outages and oil sanctions. The eight OPEC+ members, who agreed to halt production increments for Q1, reaffirmed their decision on November 30. Nonetheless, oil markets remain clouded by uncertainty regarding war in Ukraine. A US-backed peace proposal is under consideration as Russian President Putin plays for time in negotiations. US sanctions on Russian oil remain in place, with 21 November marking an end to operations with Russian producer Lukoil. Elsewhere, the EU agreed to phase out Russian oil completely.
Taken from Consensus Forecasts – G7 and Western Europe, December 8, 2025.