February 13, 2025 11:33 GMT
OIL: Russian Oil Flows Wouldn't Rebound Following Ceasefire
OIL
Russian oil flows wouldn’t rebound following a ceasefire, according to a JPMorgan note cited by Bloomberg.
- “The assumption of a ceasefire leading to a resumption of large scale-flows of Russian oil is misplaced,” analysts led by Natasha Kaneva say in report.
- “Russia is cutting production as part of its commitment to the OPEC+ alliance, rather than in response to US or European sanctions”.
- Meanwhile, JPMorgan analysts expect latest sanctions to have a “limited impact” on Russia beyond a shift in trade flows.
- JPMorgan still sees Brent averaging $73/bbl in 2025, with prices ending the year in the “mid-$60s”, Bloomberg reports.
- In 2026, the bank sees “another year of large surpluses, driving Brent prices below $60 by year-end”, with an annual average of $61/bbl.
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