Monday, January 30, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home brend

Brent crude may hover around $104/bbl this year: JPMorgan

7 months ago
in brend
Brent crude may hover around $104/bbl this year: JPMorgan
Share on FacebookShare on Twitter


Brent crude may hover around the current level of $104 a barrel for the remaining part of the current year, but may fall to $98 per barrel next year, investment bank JPMorgan said on Friday. “Under scenarios where supply is constrained, we think oil could rally to $190/380 per barrel as well,” Sanjay Mookim, strategist and head of India equity research, JP Morgan, told FE.

International benchmark brent crude price fell below $100 a barrel on July 6 for the first time since April 25 on fears of a potential global recession. At 18:00 hrs (IST) on Friday, it was trading at around $105 per barrel. Brent reached to around $140 a barrel in early March following Russia’s aggression on Ukraine.

While an elevated price will cause a significant concern for India, Mookim said an oil price shock can further hurt global demand and drive more monetary tightening. “Elevated oil prices will be a significant concern for India. Current account balances are likely to remain negative exerting pressure on the currency. Higher inflation will be a drag on consumption and government spending.”

India meets around 85% of its crude oil need through imports. The third-largest consumer of the world imported 212 million tonne of crude in 2021-22 for $120 billion.

Citi Group recently said Brent might fall to $65 by the end of the year and further to $45 by 2023-end. Crisil expects a significant fall in oil prices only in the medium-term and said price to reach $80-82 per barrel by 2024 and moderate to $63-68 starting 2026. ICRA recently said it “expects crude prices to remain in the range of $100-120/barrel for FY2023 owing to increasing demand as lockdowns ease globally, under-investment in the upstream sector for the past several years and limited spare capacity.”

A lower oil prices would ease pressure on India’s current account deficit and have a salutary effect on the fisc as prices of many major commodities, including natural gas and subsidised goods like fertilisers, are linked to oil.

Oil minister Hardeep Singh Puri on July 7 said the recent fall in the crude oil price is out of recessionary fear and the price might come down further if global economies continue to pass through adverse circumstances.





www.financialexpress.com

Latest Oil News

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023
ExxonMobil Likely to Report Surge in Q4 Earnings

ExxonMobil Likely to Report Surge in Q4 Earnings

January 28, 2023
Trinity To Spud Jacobin Well In Second Quarter Of 2023

Trinity To Spud Jacobin Well In Second Quarter Of 2023

January 27, 2023
Iran Boosts Cheap Oil Sale to China Despite Sanctions

Iran Boosts Cheap Oil Sale to China Despite Sanctions

January 26, 2023
Tags: 104bblBrentCrudeCrude OilhoverJP MorganJPMorganMarketyear
Previous Post

The Twitter drama among powerful people over high gas prices revealed a lot about who

Next Post

OPEC+ boosts June crude output by 390,000 b/d, but wide quota gap persists: Platts

Related Posts

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

by Oil Market News
January 29, 2023
0

The Institute for Energy Security (IES) is predicting between 7% and 13% jump in the prices of petrol, diesel and...

ExxonMobil Likely to Report Surge in Q4 Earnings

ExxonMobil Likely to Report Surge in Q4 Earnings

by Oil Market News
January 28, 2023
0

ExxonMobil's Key Stats    Q4 2022 (est)  Q4 2021  Q4 2020  Adjusted EPS  $3.27  $2.06  $0.03  Revenue  $111B  $85B  $46.5B...

Trinity To Spud Jacobin Well In Second Quarter Of 2023

Trinity To Spud Jacobin Well In Second Quarter Of 2023

by Oil Market News
January 27, 2023
0

Trinidad and Tobago-focused Trinity Exploration & Production has secured all the permits and approvals to drill the deep Jacobin prospect...

Iran Boosts Cheap Oil Sale to China Despite Sanctions

Iran Boosts Cheap Oil Sale to China Despite Sanctions

by Oil Market News
January 26, 2023
0

Facing crippling economic sanctions, inflation and widespread social unrest, the Iranian government has boosted oil sales to China at a...

Oil drops by over $2 per barrel, dogged by recession fears

Oil prices steady after smaller-than-expected U.S. crude build

by Oil Market News
January 25, 2023
0

Smaller-than-expected build in U.S. crude stocksBroader markets weighed by economic slowdown concernsU.S. business activity contracts in JanuaryOPEC+ unlikely to tweak...

Oil slips to lowest level in nearly three weeks on global economic concerns

Oil slips to lowest level in nearly three weeks on global economic concerns

by Oil Market News
January 24, 2023
0

SlavkoSereda/iStock via Getty Images Crude oil pulled back Tuesday from recent gains that lifted prices to their highest in two...

Next Post
OPEC+ boosts June crude output by 390,000 b/d, but wide quota gap persists: Platts

OPEC+ boosts June crude output by 390,000 b/d, but wide quota gap persists: Platts

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Oil producer EOG’s quarterly profit surges on strong energy prices

Oil producer EOG’s quarterly profit surges on strong energy prices

3 months ago
Stocks rise, bond yields rise with December’s upcoming price data in focus

Stocks rise, bond yields rise with December’s upcoming price data in focus

3 weeks ago
Net Zero: Ruptured pipeline spills oil into Ecuador’s Amazon rainforest

Net Zero: Ruptured pipeline spills oil into Ecuador’s Amazon rainforest

8 months ago
Oil price, Hurricane, Coro, GMS, Echo

Oil price, Hurricane, Coro, GMS, Echo

8 months ago
Crude tanker rates down double digits after Russia sanctions debut

Crude tanker rates down double digits after Russia sanctions debut

4 weeks ago
ADVERTISEMENT
Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch

January 29, 2023

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023

Crude Oil

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023
German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023

Investing

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023

Market

Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023
Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023
Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

January 26, 2023

OPEC

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.