JPMorgan said the decision by OPEC+ is largely neutral for oil prices in 2024.
OPEC+ members will phase out 2.2 million bpd in voluntary cuts over 12 months starting in October.Thomas Coex | Afp | Getty Images
Crude oil futures were little change on Monday as investors tried to parse what impact OPEC's weekend decision on production policy will have on the market. OPEC+ agreed to extend 3.6 million barrels per day in production cuts through the end of 2025. But Saudi Arabia, Russia and several other countries will gradually phase out a separate round of 2.2 million bpd in cuts over 12 months starting this October."It now appears OPEC+ will add volumes to the market beginning in Q4'24 which may create a modest oversupply and downward price pressures," Wells Fargo analysts led by Roger Read told clients in a note.
But JPMorgan analysts said the decision by OPEC+ Sunday is largely neutral for global oil prices in 2024. The production cuts combined with summer driving should increase Brent prices by $10 to the $90-per-barrel range by September, according to the investment bank.A way to play the global nuclear power renaissance from Morgan Stanley
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