JP Morgan sees oil prices hitting $125 in 2022, $150/bbl in 2023

United States News News

JP Morgan sees oil prices hitting $125 in 2022, $150/bbl in 2023
United States Latest News,United States Headlines
  • 📰 Reuters
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

Oil prices are expected to overshoot $125 a barrel next year and $150 in 2023 due to capacity-led shortfalls in OPEC+ production, JP Morgan Global Equity Research said.

"As the group's real volume potential is discovered, this should drive a higher risk premium to oil prices," the bank said in a note dated Nov. 29.

Oil rose on Thursday, with benchmark Brent crude futures around $69 a barrel, as investors adjusted positions ahead of an OPEC+ decision on supply policy, although concern the Omicron coronavirus variant could hit fuel demand capped price gains.The Organization of the Petroleum Exporting Countries and its allies will decide whether to release more oil into the market or restrain supply.

"We think OPEC+ will slow committed increases in early 2022, and believe the group is unlikely to increase supply unless oil prices are well underpinned," the bank said.Register now for FREE unlimited access to reuters.comMore from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Profits should return to '90s levels to lift worker pay: Morgan StanleyIt's time for corporate profits to return to the '90s so companies can make up for decades of underpaying workers, Morgan Stanley says
Read more »

After nearly 40 years in office, Oregon Rep. Peter DeFazio will run for reelection in 2022After nearly 40 years in office, Oregon Rep. Peter DeFazio will run for reelection in 2022Oregon U.S. Rep. Peter DeFazio announced Wednesday he will be leaving Congress when his term ends in 2023 after nearly 40 years.
Read more »

No More Overdraft Fees? Capital One Becomes First Large Bank To Pledge End To FinesNo More Overdraft Fees? Capital One Becomes First Large Bank To Pledge End To FinesThe move will cost the company about $150 million in lost revenue, according to a Capital One spokesperson.
Read more »

U.S. could adjust timing of oil stockpile release if prices fall -officialU.S. could adjust timing of oil stockpile release if prices fall -officialThe Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially, U.S. Deputy Energy Secretary David Turk told Reuters on Wednesday.
Read more »

The School Board Fights Are Just Getting StartedThe School Board Fights Are Just Getting StartedSchool boards have reemerged as the site of political battles, with parents becoming more vocal about hot-button issues such as mandated vaccinations, masks on campus, and how topics like race or sexuality should be taught in class.
Read more »



Render Time: 2025-02-17 07:37:29