Business Technology, Finance Technology & Information Technology
Oil prices could hit $125 per barrel in the second quarter, according to JPMorgan.
ANKARA, Turkey — Crude oil prices may hit $125 per barrel in the second quarter of this year, according to JPMorgan.
On the supply side, the Organization of the Petroleum Exporting Countries (OPEC) and its partners, termed OPEC+, are unlikely to depart from their projected oil output allotment, according to the US-based global investment bank and financial services firm.
The world’s largest oil producers, known as OPEC+, are struggling to achieve their monthly production requirements.
According to the International Energy Agency, overall oil production from OPEC+ increased by a modest 150,000 barrels per day (bpd) in January (IEA).
Global oil demand, on the other hand, is expected to rise by 3.2 million bpd this year, according to the IEA.
On the supply side, with the recovery from the coronavirus pandemic, worldwide oil consumption has surged, causing crude prices to jump.
In addition, rising tensions between Russia and Ukraine have pushed up oil prices.
Early Monday, the price of international standard Brent crude surpassed $96 per barrel, reaching its highest level in nearly seven years.
The benchmark West Texas Intermediate crude oil price in the United States reached $94.92 per barrel.
Save/Share this story with QR CODE
Disclaimer
This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.
📩 Need to get in touch?
Feel free to Email Us for comments, suggestions, reviews, or anything else.
We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).
AFFILIATE PARTNERS
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.
The NTF has approved the suspension of Traslacion 2022 and the physical masses.
The request to stop the customary Traslacion procession and other […]
During a pandemic, improved transportation infrastructure helps Filipinos.
Nearly two years after the onset of the Covid-19 outbreak, […]
OPAPRU releases a manual on peace for government communicators.
The “Conflict Sensitive and Peace Promotion: A Guidebook for Government […]
With the addition of seven new labs, the Department of Health is able to detect more vaccine-preventable diseases.
In the Philippines, the Department of Health (DOH) is constructing […]
Only 4% of the 56.6K current Covid-19 patients are serious.
MANILA, Philippines — Only 4% of the more than 56,000 […]
PNP plans to integrate marine forces with the Philippine Navy and Coast Guard.
In an effort to improve the capacity of the government […]