Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Thursday Mar 28, 2024
Thursday Mar 28, 2024
At face value, and assuming no policy, supply or demand response, Russia’s decision to cut oil production could push Brent oil price to $100 by September. But there are multiple counter-measures that could act as a suitable rebalancing mechanism. The US can release up to 60 mn bbls of crude from the SPR and demand could buckle. For now, we keep our long-held price forecast unchanged ($90 by May, $85 in 2H24), awaiting further clarity regarding Russia’s actions, but acknowledge that the way to our price projection may be through $100.
Speaker:
Natasha Kaneva, Head of Global Commodities Research Natasha Kaneva, Head of Global Commodities Research
This podcast was recorded on 28 March 2024.
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