Oil Producers Post Surging Q3 Profits as Brent Hits $123
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Dallas – October 29, 2026 -- Brent crude spot prices reached $123.10 per barrel on October 27, with WTI at $103.37, as third-quarter results from PetroChina, Eni, Equinor and Phillips 66 showed sharply higher profits in a supply-constrained market, according to EIA daily data.
Brent averaged $114 in September as global inventories sat 509 million barrels below pre-war levels
The EIA said Brent averaged $114 per barrel in September, $23 above August. The IEA said cumulative global observed inventories ended September 509 million barrels below pre-war levels. In its October Short-Term Energy Outlook, the EIA estimated that global oil inventories fell by an average of 1.9 million barrels per day in the third quarter. It forecasts Brent will decline to an average of $87 per barrel by the second quarter of 2027.