JP Morgan expects oil to reach $150 a barrel in 2023

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Posted on: Monday, November 29, 2021 – 6:19 PM | Last update: Monday, November 29, 2021 – 6:19 PM

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 News Agency quoted the report of the bank’s experts, including Christian Malik, as 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 balance in the market. And the reduction in production 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.

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