JPMorgan, the leading global financial services company, revised its expectations for the oil market. The company anticipates an average oil price of $83 per barrel in 2024, with expectations of a decrease to $75 per barrel in 2025.
The bank also adjusted its projections for oil demand growth, indicating a significant slowdown. While initially forecasting a daily increase of 1.9 million barrels in 2024, JPMorgan now estimates a rise of only one million barrels per day in the following year.
These moderated demand expectations align with the anticipated shift towards a supply-driven market. JPMorgan points to increased production from several countries as the driving force behind this change. It’s noteworthy that the United States, Canada, Guyana, and Brazil are expected to boost their oil production, contributing to the overall increase in global supply.
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Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.
