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OIL: OPEC+ Opportunity to Phase Out Production Cuts Closed: JPMorgan

OIL

OPEC+ is expected to maintain production at current levels for at least another year as the opportunity to phase out production cuts is now closed, according to JPMorgan cited by Reuters.

  • The Brent crude forecast for Q4 2024 has been lowered from $85/bbl to $80/bbl amid recent bearish market moves. Brent is forecast to average $75/bbl in 2025, but prices are seen dipping into the low $60s by the end of 2025.
  • "$60 is not a good price for neither producers nor consumers, and OPEC would need to cut 1 million barrels per day (mbd) deeper, were the alliance to adhere to market management."
  • The market seeks a price point to deter unneeded OPEC+ supply due to the significantly softer demand expected in 2025.
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