JPMorgan Chase forecast the price of Brent oil for 2024 | November 20, 2023

Next year, the average price of Brent oil will remain approximately at the same level as now, according to JPMorgan Chase. According to analysts at the credit institution, global demand will decline, but producing countries will compensate for this by reducing supply.

“The average price of Brent oil in 2023, 2024 and 2025 will be $81, $83 and $75 per barrel, respectively,” says JPM specialist Natasha Kaneva.

The bank includes in its forecast an increase in oil demand by the end of 2023 by 1.9 million barrels per day, but increasing production by 2.2 million barrels per day of countries outside OPECwill more than compensate for this situation.

Already next year, 2024, global oil demand will increase by 1.6 million barrels per day due to the growth of the economies of developing countries.

Natasha Kaneva predicts that production outside the cartel will simultaneously increase OPEC. Therefore, the OPEC+ alliance will have to continue to limit production in order to maintain price levels.

“This information is for informational purposes only and does not constitute an individual investment recommendation.”

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