EIA forecasts crude to hit $50 in 2026, lowest since pandemic. OPEC floods market, US rigs shut down below $70 breakeven
EIA now sees Brent crude falling below $60 by the end of 2025 and averaging around $50 through 2026. https://www.eia.gov/pressroom/releases/press573.php The US rig count is already in freefall. It’s down to 411 this week, from 487 in January. Back in December 2022, there were 780 rigs running. That’s a 52% collapse. https://tradingeconomics.com/united-states/crude-oil-rigs OPEC+ has reversed …