RBC Sees Brent Prices Holding Above $75 Through 2027
RBC analysts predict that Brent crude oil prices will remain elevated despite a gradual retreat. They forecast an average price of $80.10 a barrel in 2026, followed by a modest decline to $75.80 in 2027.
The recent surge in oil prices has led to a significant increase in the market value of Italian energy producer ENI. RBC notes that the company's distributions remain closely tied to the oil-price backdrop and expects management to stick to its plan for potential further buybacks if Brent remains above $85 a barrel.
The bank also reiterated ENI's commitment to pay a special dividend if the macroeconomic environment continues to be supportive. RBC's forecasts imply that Brent could average below current spot levels over the next 18 months, but remain high enough to support strong cash generation across major producers.