efficentupup wrote a post · Nov 21, 2023 03:13

JP Morgan Expects Brent Crude to Average $83 in 2024

$JPMorgan(JPM.US)$ JP Morgan has forecast an average price for Brent crude of $83 per barrel next year amid a stable market.

- down in 2025, averaging $75 per barrel
- for this year, 2023 sees average $81
- 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

West Texas Intermediate and Brent Crude Oil were up $2/barrel on Monday ahead of the OPEC+ meeting this weekend, where the cartel is anticipated to add output cuts.

At the same time, the United States is increasing output, creating a hazy medium-term supply forecast in the face of dropping demand into 2024...

What is your opinion on JPMorgan's forecast that the oil prices will stabilize at $83 per barrel in 2024?

🌟 Welcome to the Energy Investors Chat Room! 🌍 I'm efficentupup, a passionate investor in the energy sector. Our group gathers members who share a keen interest in energy, aiming to discuss market dynamics, share insights, and learn from each other's experiences. Whether you're intrigued by energy investments or seeking to connect with industry professionals, you're invited to join us! Let's explore future investment opportunities and industry trends together. Scan the QR code below and embark on the journey of investment with us! 🚀

$S&P 500 Index(.SPX.US)$ $Dow Jones Industrial Average(.DJI.US)$ $Halliburton(HAL.US)$ $Crude Oil Futures(JUN4)(CLmain.US)$ $Camber Energy(CEI.US)$ $Occidental Petroleum(OXY.US)$

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

Translate

Report

119K Views

Comment

efficentupup

True and timely

2042Followers

40Following

5474Visitors