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.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.
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.
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