NextGen Day

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.

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