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JPMorgan lowered its long-term forecast for Brent crude

Schedule Brent oil prices at intervals of 1 week

JPMorgan has cut its forecast for the average price of Brent and WTI crude oil futures for 2022 by $ 4:

  • up to $ 70 per barrel (Brent),
  • $ 66 per barrel, respectively (WTI).

However, by May, the price of Brent crude oil will rise again to $ 70 per barrel, four months earlier than previously expected, the bank’s analysts say.

The slow introduction of the vaccine in emerging markets and the large number of Covid varieties (strains) means that most major developing countries will achieve herd immunity later than developed markets, and some not until 2022.

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On the supply side, oil production and exports in Iran grew faster than forecast, while production in the Permian Basin is likely to reach pre-pandemic levels by October.

Europe will join the US and embark on a sustained recovery in May or June as China prepares to slow down.

A rebound in US oil demand in the second quarter should bring OECD stocks in line with the 2015-2019 averages one month earlier than expected.

JPMorgan expects OPEC + to remain cautious until 2021, leaving 4-5 million barrels of oil on standby.

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