In the coming two-three years, you may have to be prepared to pay higher prices for petrol and diesel. According to a latest study of crude oil, Christian Malek, Head of EMEA Energy Equity Research of JP Morgan, has alerted that the rise in the price of Brent in a few days may reach $ 150 per barrel by the year 2026. Can continue till the barrel. At present the price of crude oil is trading around $94-96 per barrel.
Why did prices increase?
JPMorgan’s $150 crude oil price warning included a number of catalysts, including capacity shocks, the energy supercycle – and, of course, efforts to transition the world away from fossil fuels, IANS reported. Efforts were involved. A few days ago, crude oil prices rose due to production cuts by OPEC+, a group of oil producing countries, in which Saudi Arabia played a role. It almost single-handedly took 1 million bpd from the market, followed by Russia. Fuel export was banned.
The price is around $93.55 per barrel
According to the Crude Oil Price report, rising demand for crude oil coupled with supply restrictions is boosting crude oil prices and contributing to rising consumer prices. Brent prices were trading around $93.55 a barrel on Friday afternoon, but Malek expects Brent prices to be between $90 and $110 next year, and even higher in 2025. This is going to be a very volatile supercycle, as analysts warned about OPEC production cuts and a lack of investment in new oil production.
JP Morgan said in February…
Earlier in February this year, JP Morgan had said that oil prices are unlikely to reach $ 100 per barrel this year, unless there is a major geopolitical event that shakes the market. , JPMorgan alerted that OPEC+ could add up to 400,000 bpd to international supply. Russia’s oil exports could potentially improve. According to the Oil Price Report, JPMorgan now sees the international supply and demand imbalance at 1.1 million bpd in 2025, but the deficit widening to 7.1 million bpd in 2030 as strong demand continues to offset limited supply.
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