JP Morgan expects Brent crude oil prices to remain flat in 2024, averaging $83 a barrel
- down in 2025, averaging $75 per barrel
- for this year, 2023 sees average $81
More:
- in 2023 demand is on track to grow by 1.9 million barrels a day, with non-OPEC supply is expected to surpass this with a 2.2m b/d expansion, primarily driven by a 1.5m b/d increase in U.S. output
- sees global sustained demand of 1.6 million barrels a day in 2024
- supported by robust emerging-market economies, a resilient U.S., and a weak-but-stable Europe
- supply growth in 2024 from non-OPEC producers is seen at 1.7m b/d, more than matching gains in demand
- JPM says that to keep the oil market balanced, OPEC+ alliance would need to continue constraining production
- Global oil demand growth could decelerate to 1 million barrels a day in 2025, with non-OPEC+ supply potentially surging and the global market likely shifting into a surplus
- could lead to OPEC+ members deepening current cuts by a million barrels per day
- expects Saudi Arabia and Russia to extend their voluntary production/export cuts through Q1 2024
