Escalation in Middle East impacts oil price forecast - National Bank
The National Bank of Kazakhstan has revised oil price forecast for 2026 upwards citing instability in the Middle East, Qazinform News Agency quotes Governor of the National Bank Timur Suleimenov as saying at a briefing.
The National Bank notes that the situation in the global oil market remains uncertain. According to the regulator’s assessment, oil prices in the first half of the year may temporarily exceed earlier projections due to persistently high quotations linked to the escalation of the Middle East conflict.
“In our baseline scenario for 2026, oil price assumptions have been revised upward compared to our previous forecast, taking into account the objective situation in the Middle East. Based on our estimates, the average price of Brent crude will stand at 66.3 US dollars per barrel,” said Suleimenov.
Looking ahead, the National Bank expects a gradual decline in oil prices. As global supply and demand balance out, the price could fall to around 60 US dollars per barrel.
