RE: CRUDE14 Jan 2022 08:42
This is all building up perfectly for CASP, a total lack of investment in new oil infrastructure. So much for the USA dumping all their oil on the market (What was it? 50m barrels) Rising oil prices are here to stay according to JPMorgan, with the bank estimating that Brent prices could hit $150/bl in 2023 as the OPEC+ cartel control supply and defend higher prices. With demand for oil likely to remain steady, supply will remain the key driver behind oil prices for years to come. And with OPEC+ "being firmly in the driver's seat for oil prices," JPMorgan thinks Brent will hit $120/bl in 2022, and could even overshoot to $150/bl in 2023, representing potential upside of as much as 100% from current levels.