The American bank JPMorgan stated on Saturday that oil prices have the potential to rise further, with Brent crude possibly reaching $150 per barrel in the near future.
Christian Malik, an analyst at an American bank, suggests that production capacity shocks and a shift in investment away from the hydrocarbon sector could potentially cause Brent crude prices to reach $150 per barrel in the near to medium term.
Due to rising demand and OPEC production cuts, high oil prices have sparked inflation fears and prolonged high interest rates.
JPMorgan is bullish on oil prices due to a prolonged higher interest rate environment expected to reduce capital investments in energy exploration and production.
Malik predicted that the average price of Brent crude oil would range from $90 to $110 per barrel in 2024, $100 to $120 per barrel in 2025, and $150 by 2026.
These estimates predict that the global supply and demand gap will stabilize at 1.1 million barrels per day by 2025. However, this gap is set to increase to 7.1 million barrels per day by 2030.
Despite the risk of crude oil prices hitting $100 per barrel, estimates suggest that Brent crude oil will eventually reach $80 per barrel.
