Crude oil prices may average $59-60/barrel in 2026 amid geopolitical risks: S&P Global Energy

Dave Ernsberger, President of S&P Global Energy, expects crude oil prices to average about $59 to $60 a barrel over the course of 2026 and around $62 a barrel over the next two to three years.Speaking to CNBC-TV18 on the sidelines of India Energy Week in Goa, he said that while recent global developments have increased uncertainty, they have not destabilised energy markets. “The oil and gas markets are not discombobulated,” he said. “They’re flexing to this new situation.”

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He said markets are responding to shifting trade policies and political risks, while demand continues to adjust gradually, with India playing a growing role as a source of incremental demand.
On India’s energy security, Ernsberger said the country is in a strong position as more exporters look to supply to its market. He pointed to interest from countries such as Canada and Venezuela. “The opportunity to diversify suppliers to India has never been greater,” he said.He added that global markets could remain slightly oversupplied in the near term, which may benefit large importers such as India.

For the full interview, watch the accompanying video

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