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Will Crude Oil Jump to $150 per Barrel? JPMorgan Thinks So
In a bold prediction, Christyan Malek, the lead for EMEA energy equity research at JPMorgan, has set the stage for a potential surge in crude oil prices. Malek envisions a future where oil may reach an impressive $150 per barrel by the year 2026.
This forecast is underpinned by several key factors, with a looming ‘energy supercycle’ taking center stage.
Unpacking the ‘Supercycle’: A Paradigm Shift in Energy Markets
Malek’s projection hinges on the notion of an impending energy supercycle. This term refers to a prolonged period of elevated demand and prices in the energy sector, often driven by various economic, geopolitical, and technological factors.
Malek points to significant shifts in both institutions and policies, which are actively propelling the transition away from hydrocarbon-based energy sources.
OPEC’s Influence: A Catalyst for Price Surge
The recent decision by the Organization of the Petroleum Exporting Countries (OPEC) to curtail oil production has had a palpable impact on the market. Both Brent and WTI crude prices have surged past the $90 per barrel mark in the wake of this strategic move. The year 2023 has been marked by events…
