Overview
- SBI Research projects Brent near $50 per barrel by June 2026, signaling further downside risk.
- The EIA forecasts Brent averaging about $55 in the first quarter of 2026 with prices staying near that level for the year.
- India’s crude import basket fell to $59.29 on Jan. 5, marking a multi‑year low that will transmit to pump prices under daily pricing.
- Analysts attribute the price softness to OPEC+ production increases and expected inventory accumulation.
- Cheaper crude is cutting India’s import bill and easing inflation with potential rupee gains, though U.S. pressure on Venezuelan supply remains an upside risk to prices.