JPMorgan expects oil to reach $150 a barrel in 2023

Experts of the American investment bank JP Morgan Chase said that the price of Brent crude oil will reach 125 dollars per barrel next year and 150 dollars the following year if the oil-producing countries, especially the OPEC Plus grouping of oil-producing countries, do not increase their production.
And “Bloomberg” quoted the report of the bank’s experts, including Christian Malik, saying that the surplus production capacity of the OPEC Plus countries will be two million barrels per day during the next year, which is less than the estimates of other experts, which amount to 4.8 million barrels per day.
The report added, “While we believe that the world may need to stop the monthly increase in OPEC Plus production by 400,000 barrels per day every month, for a period of 3 months during the first half of next year to achieve market balance. And production cuts may depend on the economic effects of the new strains of the virus.” Novel Corona.
Bank experts believe that the ability of the OPEC Plus group to control global oil prices depends on the efficiency of its surplus production capacity, which has fallen to its lowest level in 25 years, reaching 4% of the total production capacity, compared to 14% on average.

These were the details of the news JPMorgan expects oil to reach $150 a barrel in 2023 for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Inflation rises in Sudan to 359.09% in 2021 | latest...
NEXT China plans to increase consumption during the holiday season: Macro snapshot 

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]