Deloitte sees oil hovering at $58 per barrel as glut drags on, while gas rises
Global News
Crude oil prices will hover around US$58. per barrel in 2026, according to the latest energy price forecast from consulting firm Deloitte.
A pair of energy forecasts released Tuesday see lacklustre crude oil prices continuing this year amid a global supply glut and natural gas prices picking up steam as more Canadian shipments make their way to Asia.
Consulting firm Deloitte expects West Texas Intermediate, the key U.S. light oil benchmark, to average US$58 per barrel — about where it’s trading at currently.
That’s about 20 per cent lower than it was at this time last year and roughly 12 per cent below the commodity’s 2025 average.
The Organization of the Petroleum Exporting Countries has deferred some production increases, but “we do feel there’s a little more downward pressure that could come into prices in 2026,” said Deloitte Canada partner Andrew Botterill.
The forecast doesn’t account for the U.S. raid on Venezuela over the weekend in which President Nicolas Maduro was captured. U.S. President Donald Trump has said he wants American energy majors to take control of Venezuela’s oil assets.
The South American country has massive oil reserves with a similar chemical makeup to Alberta’s oilsands crude and refineries on the U.S. Gulf Coast are well suited to handle that type of oil. A lifting of U.S. sanctions on Venezuelan crude and a ramp up of production could pose a competitive threat to Canadian supplies in the Gulf Coast market.
Botterill sees two different scenarios potentially playing out.
