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JP Morgan: Oil would exceed $100 a barrel in this case
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Economy News - Baghdad
“JP Morgan” analysts said in a note, on Friday, that Brent crude prices are unlikely to exceed the $100 per barrel mark this year unless major geopolitical developments occur, amid possibilities that the “OPEC +” group will increase supplies and that Russian flows will recover by Mid 2023.
According to the note, it is unlikely that the "OPEC +" group, which includes members of the Organization of the Petroleum Exporting Countries "OPEC" and producers outside it, including Russia, will defend the level of eighty dollars and therefore it will not need to reduce production quotas this year.
She indicated that the conglomerate may instead add 400,000 barrels per day to production.
And Saudi Energy Minister Prince Abdulaziz bin Salman said, yesterday, Thursday, that the current “OPEC +” agreement to reduce production target by two million barrels per day will remain in effect until the end of the year.
JPMorgan analysts said that with Russian production expected to see a full recovery by June, and high price levels preventing the United States from buying back to boost its strategic petroleum reserves, the supply-demand balance gap is likely to narrow.
Brent crude futures are trading, on Friday, near $84 a barrel, and are heading for a weekly decline, amid expectations that any tightening monetary policy in the United States may undermine demand.
JP Morgan maintained its estimate of oil demand growth from China, the largest importer, at 770,000 barrels per day.
Analysts expect China to import record quantities of crude in 2023 due to the increased demand for fuel, mainly due to the recovery of movement and travel after the abolition of Covid-19 restrictions.
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Added 2023/02/17 - 6:56 PM
Updated 2023/02/18 - 1:49 PM
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Economy News - Baghdad
“JP Morgan” analysts said in a note, on Friday, that Brent crude prices are unlikely to exceed the $100 per barrel mark this year unless major geopolitical developments occur, amid possibilities that the “OPEC +” group will increase supplies and that Russian flows will recover by Mid 2023.
According to the note, it is unlikely that the "OPEC +" group, which includes members of the Organization of the Petroleum Exporting Countries "OPEC" and producers outside it, including Russia, will defend the level of eighty dollars and therefore it will not need to reduce production quotas this year.
She indicated that the conglomerate may instead add 400,000 barrels per day to production.
And Saudi Energy Minister Prince Abdulaziz bin Salman said, yesterday, Thursday, that the current “OPEC +” agreement to reduce production target by two million barrels per day will remain in effect until the end of the year.
JPMorgan analysts said that with Russian production expected to see a full recovery by June, and high price levels preventing the United States from buying back to boost its strategic petroleum reserves, the supply-demand balance gap is likely to narrow.
Brent crude futures are trading, on Friday, near $84 a barrel, and are heading for a weekly decline, amid expectations that any tightening monetary policy in the United States may undermine demand.
JP Morgan maintained its estimate of oil demand growth from China, the largest importer, at 770,000 barrels per day.
Analysts expect China to import record quantities of crude in 2023 due to the increased demand for fuel, mainly due to the recovery of movement and travel after the abolition of Covid-19 restrictions.
444 views
Added 2023/02/17 - 6:56 PM
Updated 2023/02/18 - 1:49 PM
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