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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?
This article was written by Eamonn Sheridan at www.forexlive.com.
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