JPMorgan on the rising oil price, say that Brent could continue to $150 / bbl.
Citing:
- OPEC+ supply cuts, mainly led by Saudi Arabia – they have cut circa 1mn bbl/day from the market – and Russia
- Increase in demand
- shocks to capacity
- a supercycle for energy
- moves to reduce the globe’s reliance on fossil fuels, that’ll have the tendency to promote a lack of investment in new oil production
- The JPM analyst forecasts Brent between $90 and $110 in 2023 then higher in 2025 (sees the global supply and demand imbalance at 1.1 million bpd in 2025)