Washington DC, May 14 -- Global crude oil prices are expected to decline to an average of USD 79 per barrel by 2027 as oil production in the Middle East gradually rises, according to the latest report by the U.S. Energy Information Administration (EIA).

The report stated that Brent crude oil prices, which surged sharply in April due to disruptions linked to the Strait of Hormuz, are expected to ease over the coming quarters as oil supply conditions improve.

"As oil production in the Middle East rises, we expect crude oil prices to fall, dropping to an average of USD 89/b in 4Q26 and USD 79/b in 2027," the report stated.

According to the EIA, Brent crude oil spot prices touched a high of USD 138 per barrel on April 7 and averaged USD 11...