JP Morgan projections come via Reuters oil reporting:
- With the window of opportunity to phase out production cuts now closed, OPEC+ will maintain current production levels at least for another year
- "Under this scenario, our price outlook calls for Brent to average $75 in 2025, with prices dipping into low-$60s by year-end"
- For oil, "$60 is not a good price for neither producers nor consumers, and OPEC would need to cut 1 mbd deeper, were the alliance to adhere to market management"
- "Given oil’s large underperformance in August, we shave our 4Q24 price forecast from $85 to $80, but keep 2025 unchanged"
A lot can happen between now and the end of 2025, no?
