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The Emirates News Agency reported that oil prices fell on October 13 with Brent crude futures declining nearly $2 to settle at $106.04 per barrel. The drop came as crude exports from the Middle East increased according to the agency’s dispatch from New York. West Texas Intermediate crude fell a similar amount to close just below $100 per barrel. Market participants cited ample near-term supply as the chief factor behind the move.
Data compiled by the Emirates News Agency placed the one-day decline for Brent at roughly 1.8 percent. The settlement followed a period in which the contract had climbed above $108 on supply concerns from certain producing areas. Observers noted that the latest price action reflected a balance between ongoing risks and immediate availability of cargoes.
A Reuters report on October 12 said OPEC had cut its forecast for global oil demand growth in 2026 to 400,000 barrels per day from an earlier estimate of 1.4 million barrels per day. OPEC Secretary General Haitham Al Ghais told the WPC Energy Congress in Riyadh that the revision aligned with developments observed through the year. The organisation still anticipates deferred demand will appear as pent-up consumption in 2027 according to the same report.
The International Energy Agency’s September Oil Market Report forecast that world oil demand will decline by 2.5 million barrels per day in 2026. The IEA assessment attributed the contraction to an impasse in negotiations that has delayed normalisation of flows from key producers. The agency projected a recovery of 2.6 million barrels per day in 2027 once those constraints ease.
The U.S. Energy Information Administration’s Short-Term Energy Outlook released on October 6 placed Brent at an average of $105 per barrel for the fourth quarter of 2026. EIA figures show global liquid fuels consumption averaging 102.4 million barrels per day this year before rising to 104.6 million barrels per day in 2027. The outlook noted that inventories have drawn steadily in recent quarters due to shut-in production averaging 4.5 million barrels per day in the Middle East.
Bloomberg compilations of exchange data indicate Brent remains up more than 20 percent from the beginning of the year despite the latest decline. The contract has traded within a wide band between $78 and $110 over the past 12 months. Participants will monitor forthcoming OPEC+ ministerial meetings for any adjustments to existing production agreements.
