Renewed tensions in the Middle East pushed Brent above US$85 this week, which could inject an additional $4 trillion into national coffers if the upward trend holds.
After a truce between the United States and Iran on June 17 that dropped Brent to US$80, tensions returned the benchmark above US$85. The market closed Friday above US$87.
The government projected a Brent of US$85.5 for the end of 2026, while the average through July 16 reached US$86.7. The Colombian Association of Petroleum and Gas estimated that an average price of US$100 would generate an additional $4 trillion in oil revenues.
“In a scenario where the average Brent price closed the year at US$100 per barrel, the Nation's revenues could be approximately $4 trillion above what was estimated in the MFMP,” said Frank Pearl, president of the ACP. These revenues would total $8.44 trillion.
Finance Minister Germán Ávila announced that prices for regular gasoline and diesel will remain stable during July. The TRM closed the week at $3,253.
